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Article: Kerr-McGee Board Approves Management Proposal to Pursue the Separation of Its Chemical Business.
- Article from:
- PR Newswire
- Article date:
- March 8, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...