Transocean Presses Investors To Reject Icahn Shakeup

Law360, New York (March 18, 2013, 1:16 PM EDT) -- Offshore oil rigging giant Transocean Ltd. on Sunday sought to put the brakes on Carl Icahn's shakeup effort that would oust three board members and raise its annual dividend, telling shareholders the corporate raider's plan would threaten the company's long-term viability.

The company urged its investors to vote against Icahn's proposal at a May 17 shareholder summit. Tensions have flared in recent months between the corporate raider and the company, the world's biggest supplier of offshore drilling rigs, as Icahn insists he can unlock new value...
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