Article: Kerr-McGee Board Approves Management Proposal to Pursue the Separation of Its Chemical Business.

Board Approves Stock Repurchase Program of $1 Billion; Expects to Expand Authorization as Chemical Unit Separation Proceeds

Board Rejects Icahn Group's Large-Scale VPP Proposal as Irresponsible and Not in the Best Interests of Stockholders, Creditors and the Company

Kerr-McGee Corp. announced today that its Board of Directors has authorized management to proceed with its proposal to pursue alternatives for the separation of the chemical business including a spinoff or sale. In addition, the Board has authorized the company to proceed with a share repurchase program initially set at $1 billion. The Board expects to expand the share repurchase program as ...

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