Frates Loses Kaiser Buy-Out Bid

Oklahoma businessman Joseph A. Frates today lost his bid to oust the board of debt-ridden Kaiser Aluminum & Chemical Corp. and gain control with a $1.24-billion buy-out plan at the company’s annual meeting.

Kaiser Chairman and Chief Executive Officer Cornell C. Maier called the unofficial shareholders’ vote an “overwhelming defeat” for Frates. The unofficial total was not released and the official vote count will not be available until May 13.