Billionaire activist investor Carl Icahn is getting a frosty reception from Transocean (NYSE:RIG), a contractor of off-shore rigs, regarding his proposals for dividends from the company.
Icahn is the largest shareholder of the Switzerland-based Transocean, which is urging its investors to vote against his proposal for dividends, and his three picks for director. In statement, Transocean said:
“The board believes the dividend proposed by Mr. Icahn would adversely affect the company’s ability to operate and compete effectively in a cyclical and capital-intensive industry. The election of Mr. Icahn’s candidates — who are hand-picked to pursue his potentially damaging short-term agenda — is not in the best interest of the company and all of its stakeholders.”
Icahn in January proposed a $4-per-share dividend, which will be voted on in May…