16 April 2005
Kermac, Icahn strike a deal
Details of the settlement between Kerr-McGee and Carl Icahn have begun to pour out.
The Icahn group is getting most of what it wants: KMG is spinning off the chemical division (a plan which was already on the table), buying back up to $4 billion worth of common stock, and selling off about $2 billion of oil and gas assets which the company classifies as "non-core."
What KMG gets is to be left alone Icahn is withdrawing all of his proxy solicitations and his board nominations and some assurance that the company will remain in Oklahoma City.
This isn't exactly what I predicted, but it's close.Posted at 9:27 AM to Soonerland