Fight for control of Kerr McGee continues

WASHINGTON (Dow Jones/AP) -- A dissident group of Kerr-McGee Corporation investors says it's appalled the company is trying to block its nominees to the company's board.<br/><br/>Carl Icahn and

Tuesday, April 5th 2005, 6:10 am

By: News On 6

WASHINGTON (Dow Jones/AP) -- A dissident group of Kerr-McGee Corporation investors says it's appalled the company is trying to block its nominees to the company's board.

Carl Icahn and Barry Rosenstein JANA Partners have nominated themselves to the board of the Oklahoma City-based energy company.

Kerr-McGee has sued the investors, alleging improper disclosures and other allegations and saying the two didn't properly nominate themselves to the board.

In a letter to Kerr-McGee that was filed with the Securities and Exchange Commission, Icahn and Rosenstein said rather than allowing stockholders to vote on the merits of the men's respective views, the company is trying to disenfranchise the stockholders.

Icahn and Rosenstein together own 9.9-million and are entitled to vote at Kerr-McGee's annual meeting.

They're dissatisfied with Kerr-McGee's operations and have urged the company to shed its chemicals business and sell off its oil reserves.

Kerr-McGee plans to sell or spin off its chemicals business but won't sell forward 250-million barrels of oil equivalent over the next five years.