Activist investor Carl Icahn has said that the board of oilfield services company Transocean Ltd. (RIG: Quote) should declare a dividend of at least $4.00 per share.
As per Swiss law, a shareholder has the right to propose a dividend at a company’s annual meeting. If a majority of shareholders support the proposal, the dividend is declared, whether the company’s board supports such proposal or not.
Icahn said if Transocean not declare a dividend of at least $4 per Share, he currently intends to propose a dividend of $4 per Share at the 2013 Annual Meeting, hoping that a majority of shareholders will support it.
Icahn also plans to hold discussions with the company’s management regarding its business and strategies, as well as the possible addition of shareholder selected nominees to its Board of Directors.
Transocean had stopped paying dividend last year.
RIG closed up 2.1 percent on Friday at $56.76.
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by RTT Staff Writer
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