P.M. BRIEFING : Koito Refuses to Give Pickens Board Seat Despite Increased Stake

Koito Manufacturing Co. said today it will not give T. Boone Pickens Jr. more power just because he is increasing his stake in the Japanese auto parts supplier to 26%.

But the company, which Pickens has railed against for repeatedly refusing him a spot on its board, said the larger ownership by the American takeover specialist could threaten its position on the Tokyo Stock Exchange.

Pickens said Wednesday in Washington that his Boone Co.--Koito’s largest shareholder--was buying another 10 million shares above the 32.4 million it now holds but has no plans to mount a takeover battle.

“We just don’t have to allow Pickens to have seats on our board even though he increases the stake from 20.2% to 26%,” Koito spokesman Mikio Tsuruta said. “There is no such law.”