Advertisement

Phillips delayed word of its stockholder vote.

Share

A spokesman said Phillips Petroleum will close the polls today on its controversial proposal to restructure the company but won’t announce the outcome of the shareholder vote until early next week. The Bartlesville, Okla., firm has been sued in two states by stockholders seeking to prevent extension of the proxy vote beyond a special shareholders meeting held last Friday. The company is seeking approval of a recapitalization plan that would make employees the largest stockholders, thus making an unfriendly takeover more difficult.

Advertisement