Corporate raider details plans for Kerr-McGee

OKLAHOMA CITY (AP) _ A well-known corporate raider who is buying shares of Oklahoma City-based Kerr-McGee is revealing his plans for the energy company. <br/><br/>Carl Icahn is nominating himself and an

Friday, March 4th 2005, 10:16 am

By: News On 6


OKLAHOMA CITY (AP) _ A well-known corporate raider who is buying shares of Oklahoma City-based Kerr-McGee is revealing his plans for the energy company.

Carl Icahn is nominating himself and an associate to Kerr-McGee's board of directors and says the company should sell its chemical business. He also says Kerr-McGee should sell up to 32 percent of its future oil production in advance, then use the money to buy back company stock.

A company spokeswoman says the company appreciates all suggestions from stockholders and will review the recommendations.

A Kerr-McGee vice president has written to stockholders about Icahn's plans and encourages the shareholders to ignore any requests they may receive from Icahn.

Icahn is best known for taking over Trans World Airlines in 1985 and for trying to break up RJR Nabisco.
logo

Get The Daily Update!

Be among the first to get breaking news, weather, and general news updates from News on 6 delivered right to your inbox!

More Like This

March 4th, 2005

March 14th, 2024

December 4th, 2023

September 25th, 2023

Top Headlines

March 28th, 2024

March 28th, 2024

March 28th, 2024

March 28th, 2024