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...
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