Icahn Loses Transocean Dividend Fight, But Wins Board Seat

Law360, Los Angeles (May 17, 2013, 4:34 PM EDT) -- Shareholders of offshore oil rigging giant Transocean Ltd. voted Friday to approve its board’s dividend proposal of $2.24 per share, rejecting activist investor Carl Icahn’s proposal for an annual dividend of $4 per share but electing one of his nominees to the board.

The vote comes less than a week after Transocean Chairman J. Michael Talbert announced he would step down within six months if re-elected at the company’s annual meeting, following Icahn's accusations that he didn't deliver strong returns to shareholders despite the company’s success...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.