Corporate raider details plans for Kerr-McGee
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.