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