Transocean Receives Proposal from Carl Icahn
Transocean Ltd. announced that certain Funds affiliated with Carl Icahn submitted to the company for vote at its 2013 Annual General Meeting of Shareholders (AGM) a dividend proposal of $4.00 per share. Additionally, the Funds provided a notice of nomination of three director candidates for election to Transocean's Board of Directors at its 2013 AGM and a proposal to repeal the company's staggered board. The Transocean Board of Directors will evaluate the proposals in due course. In response to Mr.
Transocean Disagrees with Proposed ISS Board Nominees
Transocean Ltd. commented on a report issued by proxy advisory service Institutional Shareholder Services (ISS) regarding the company's Annual General Meeting, which will be held on May 17, 2013. "Transocean strongly disagrees with ISS's decision to reject only one of Icahn's three nominees, particularly due to their lack of relevant experience and their affiliations with Mr. Icahn. Transocean does not believe that Icahn or his nominees have offered a plan or strategy for the company other than the extraction of an unsustainable dividend that the company believes would be detrimental to shareholder value, and which ISS sensibly rejected.
Oil Refiner Bound to Goldman, Deutsche Fee Agreements - NY Judge
CVR Energy Inc is bound by agreements to pay Goldman Sachs Group Inc and Deutsche Bank AG more than $36 million in fees and expenses stemming from billionaire investor Carl Icahn's 2012 tender offer for the oil refiner, a New York state judge has ruled. The banks had each sued CVR in 2012, claiming CVR had hired them to provide financial advice on Icahn's ultimately successful tender offer for its stock, and agreed to the fees based on the size of the transaction. In May 2012…
Freeport-McMoRan Chairman James Moffett to Step Down
Freeport-McMoRan Inc co-founder James Moffett will step down as chairman and quit its board, months after the miner added two new directors under pressure from billionaire investor Carl Icahn. Freeport said Moffett, who had been appointed chairman emeritus, would be a consultant to its board and advise the company on its Indonesia operations, including Grasberg. Moffett was instrumental in the discovery and development of Grasberg, one of the world's biggest gold and copper deposits. The company's shares fell 7.5 percent to $7.00 in morning trading. Moffett stepping down probably has more to do with a health problem rather than pressure from Icahn, Bradford Research analyst Charles Bradford told Reuters. Icahn, who owned 8.8 percent stake in Freeport as of Sept.
Cheniere Appoints Jack Fusco as CEO
Jack Fusco was named chief executive and chairman of Cheniere Energy Monday, ending a leadership search that began after activist investor Carl Icahn ousted the company’s founder. Fusco's installation as Cheniere’s new chief comes after a messy boardroom drama led to the December ouster of founder Charif Souki, who raced ahead of competitors to build plants that could cool natural gas into liquid form in order to export it. Fusco will take the reins at Cheniere energy little more…