Kerr-McGee Reaches Settlement with Icahn Group and JANA Partners

Thursday, April 14, 2005

Kerr-McGee Corp. has entered into a settlement with Mr. Carl Icahn, certain affiliated funds and JANA Partners LLC. As a result, the company will dismiss its complaint with prejudice filed March 10, 2005, in the United States District Court for the Western District of Oklahoma.
Kerr-McGee also announced that based on the company’s recent actions to enhance stockholder value, including the previously announced separation of its chemical business and recently announced $4 billion share repurchase program in the form of a modified “Dutch Auction” tender offer, it has received written notice from the Icahn Group and JANA Partners confirming that they will immediately cease proxy solicitation activities. The Icahn Group and JANA Partners will withdraw their alternate board nominees from consideration for election to the board of directors of Kerr-McGee on successful completion of Kerr-McGee’s repurchase program. Kerr-McGee has every expectation that it will complete the repurchase program by mid-May, 2005.
“This settlement enables the company to deliver on its commitment to deliver stockholder value and to advance its strategy as a pure-play exploration and production company,” said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. “Our conversations with Mr. Icahn and JANA have been productive.”


Article Tags

##start##* Worldwide


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


Related News

Popular Headlines View all
Latest Opinion View all
Join 80,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact Us

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2014 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us