Word: icahn
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...benefit from its trade with America. (See story.) Last week, indigenous people in Ecuador protested against a proposed free-trade agreement with the U.S. that they thought would deliver their economy and culture to the colossus of the North. In Seoul, the attempt by U.S. corporate raider Carl Icahn to get a seat on the board of tobacco company KT&G has, says Jang Hasung, dean of Korea University's business school, "reignited anti-foreign-investor sentiment." The sale of a controlling interest in Shin Corp., owner of Thailand's leading telecommunications company, to Temasek Holdings of Singapore has been...
Patience is not always the best tactic for corporate chieftains to use when they are fighting those who wish to oust them, but it seems to have worked for Time Warner chairman Richard Parsons in his battle against Carl Icahn. In August, Icahn and a group of investors launched a bid to split up the Time Warner media empire (which includes Time Inc., publisher of this magazine). But Icahn could not win the support of key shareholders, who balked at his plan to oust Parsons and install a new slate of directors as a precursor to a company breakup. Parsons...
...Icahn and Parsons agreed to a settlement in which Icahn dropped his assault and Parsons made certain concessions. Time Warner pledged to buy back $20 billion in stock, up from $12.5 billion. It promised to cut costs by an additional $500 million in 2007 and agreed to add two independent directors to the board--after consulting with Icahn about the candidates. Icahn's investor group still controls 3.3% of the stock, and he isn't likely to go away soon, so Parsons made other concessions, including a promise to review the findings of a report issued by Icahn's investment...
...nothing else, both sides managed to save face after months of accusations and mounting acrimony. Just 10 days before the truce, Icahn, at a glitzy press conference in New York City, had defiantly called Parsons out, accusing him, among other things, of selling Warner Music at a fire-sale price and being too slow to find a growth plan for the AOL unit. Time Warner execs insisted that their strategies with Warner Music and AOL were appropriate under the circumstances...
Parsons, for his part, said he was "very pleased to have reached an understanding with Mr. Icahn." That he should be, since billionaire corporate raiders like Icahn don't often give in this quickly...