Member access

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Carl Icahn
Country of residence : USA
Birthday : 02/16/1936
Linked companies : MTV - Icahn Enterprises LP - Biogen Idec Inc - JPMorgan Chase & Co.

Transocean board hits back at Icahn's strategy proposals

03/17/2013 | 10:12pm US/Eastern
Recommend:
0

(Reuters) - The board of Transocean Ltd hit back at billionaire Carl Icahn in response to the activist investor's demands for a larger dividend and directors charged with pursuing what the offshore driller called his "short-term strategy."

Icahn, who owns 5.6 percent of Transocean, has spent two months campaigning for a dividend of $4 per share. Earlier this month, Transocean recommended that shareholders approve a $2.24 per share dividend.

In the board's first formal response to Icahn's proposals, it said on Sunday his "highly flawed" agenda was focused on temporary returns at the expense of long-term value, and ignored the cyclical and capital-intensive nature of the industry.

The dividend proposal was in "direct conflict with Transocean's disciplined capital allocation strategy," it added.

Icahn also wants Transocean to replace its directors, including the chairman, and is proposing his own nominees.

Transocean's annual meeting is scheduled for May 17 in Switzerland.

(Reporting by Braden Reddall in San Francisco; Editing by Daniel Magnowski)

Recommend :
0
React to this article
Latest news about Carl Icahn 
Hertz Reaches an Agreement-in-Principle With Carl Icahn to Add Three Directors
09/17 - By a News Reporter-Staff News Editor at Journal of Transportation -- Hertz Global Holdings, Inc. announced that it has reached an agreement-in-principle with Carl C. Icahn and affiliated entities to a
Hertz Inks Agreement-in-Principle with Carl Icahn to Add 3 Directors
09/16 - Hertz Global Holdings has reached an agreement-in-principle with Carl C. Icahn and affiliated entities to appoint Vincent J. Intrieri, Samuel Merksamer and Daniel A. Nini
Hertz reaches agreement with Carl Icahn, will add 3 candidates to board
09/11 - Hertz said Thursday it plans to add three candidates nominated by Carl Icahn to its board of directors in a move that will avert a proxy battle with the activist investor. The Naples, Florida, compa
Hertz to add 3 Icahn candidates to board
09/11 - Hertz said Thursday it plans to add three candidates nominated by Carl Icahn to its board of directors in a move that will avert a proxy battle with the activist investor. The Naples, Florida
Advertisement
Popular Business Leaders 
Paul Allen Mukesh Ambani Bernard Arnault Luc Besson Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Steve Case Benjamin De Rothschild Barry Diller Bill Gates Philip Green Carl Icahn Steve Jobs Li Ka-shing Peter Lynch Maurice Lévy Lakshmi Mittal Rupert Murdoch Jean-charles Naouri Xavier Niel Nelson Peltz Zong Qinghou Jim Rogers Johann Rupert Naguib Sawiris Carlos Slim George Soros Donald Trump
A-Z Business Leaders
Most Read News 
SEC probes Pimco chief Bill Gross's ETF bond fund
6 days ago - (Reuters) - U.S. regulator the Securities and Exchange Commission is investigating whether bond fund manager Pimco inflate...
'Bond King' Bill Gross quits Pimco for Janus
4 days ago - NEW YORK (Reuters) - Bill Gross, the bond market's most renowned investor, quit Pimco for distant rival Janus Capital Grou...
Oracle's Ellison took smaller pay package in fiscal 2014
7 days ago - (Reuters) - Oracle Corp's  (>> Oracle Corporation) Larry Ellison, who is stepping aside as chief exec...
How Bill Gross became too hot for Pimco to handle
4 days ago - NEW YORK (Reuters) - Bill Gross' abrupt departure from Pimco, the giant bond firm that he co-founded more than four decade...
First non-Murdoch paper to admit intrusive practice Alan Yentob, Sven-Goran Eriksson among claimants
6 days ago - The publisher of the Daily Mirror and Sunday Mirror is to pay compensation to 10 victims of phone hacking, including form...
More news
Dynamic quotes  
ON
| OFF