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Stock Market & Financial Investment News

News Breaks
January 25, 2013
17:13 EDTRIGIcahn reports 5.61% stake in Transocean, urges $4.00 per share dividend
Icahn acquired the shares in the belief that they were undervalued at current levels. Icahn has had conversations with management of Transocean and intends to have further discussions with management. Icahn strongly believes that Transocean should return capital to shareholders and should declare a dividend of at least $4.00 per share. Icahn notes that under Swiss law and the Issuerís Articles of Association, a shareholder has the right to propose a dividend at a companyís annual meeting, and if a majority of shareholders support the proposal, the dividend is declared, whether or not the companyís board supports such proposal. If Transoceanís Board does not declare a dividend of at least $4 per Share, Icahn currently intends to propose a dividend of $4 per share at the 2013 Annual Meeting and have every hope and belief that a majority of shareholders will support it. In addition to conversations relating to capital allocation and shareholder value, Icahn plans to have additional discussions with management to discuss the Transoceanís business and strategies, as well as the possible addition of shareholder selected nominees to the Board of Directors.
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