Seeking Alpha

Transocean to pay dividend, create MLP in deal with Icahn

  • Transocean (RIG) has ended a months-long proxy battle with 5.6% shareholder Carl Icahn by agreeing to pay a dividend of $3 a share and cutting the number of board seats to 11 from 14.
  • The payout is below Icahn's earlier demand of $4 a share.
  • Transocean also plans to create a master limited partnership that will provide further financial flexibility. The company will sell part of of the MLP in an IPO in mid-2014.
  • One Icahn nominee will be re-elected to Transocean's board, while another will be appointed.
  • The company will aim to improve its operating margins by $800M by the end of 2014. (PR)
Comments (4)
  • UNCMOISH
    , contributor
    Comments (17) | Send Message
     
    GREAT!
    11 Nov 2013, 02:41 AM Reply Like
  • UNCMOISH
    , contributor
    Comments (17) | Send Message
     
    RIG HAS MADE ME MUCH RICHER.........MORE POWER TO RIG AND ICAHN!
    11 Nov 2013, 02:43 AM Reply Like
  • Fear & Greed Trader
    , contributor
    Comments (5679) | Send Message
     
    RIG, is a "no brainer".

     

    http://seekingalpha.co...

     

    Now we're getting a $3.00 div .. 5.6%
    11 Nov 2013, 09:21 AM Reply Like
  • sydolphin
    , contributor
    Comments (2) | Send Message
     
    I won't hold my breath. However, this should shoot the price upwards.
    28 Mar 2014, 07:42 AM Reply Like
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