Icahn Calls For Transocean Board Shake-Up, Rips M&A Deals

Law360, New York (April 4, 2013, 4:08 PM EDT) -- With six weeks to go before Transocean Ltd.'s annual meeting, Carl Icahn on Thursday ratcheted up his calls for change, urging shareholders to toss three directors and taking aim at two acquisitions he claims drained $11 billion from the company.

Icahn reiterated his plan to replace Chairman J. Michael Talbert and a pair of other directors, Thomas Cason and Robert Sprague. He also wants to destagger the company's 13-member board and push through a $4-per-share dividend, well above the $2.24 payout that the company has offered...
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