P.M. BRIEFING : Koito Board Keeps Pickens Out
<i> From Times wire services </i>
TOKYO —
Koito Manufacturing Co. today rejected a request by Texas oilman and investor T. Boone Pickens to send a representative to the Japanese auto parts maker’s board meeting to plead for an increase in its dividend.
“The board meeting is not open to our shareholders, regardless of their nationality, either Japanese or foreign,” a Koito official said.
Corporate raider Pickens has accused Koito of neglecting its shareholders and of refusing to grant him a seat on the board simply because he is a foreigner.
With a 26% stake through his privately held investment firm Boone Co., Pickens holds the largest block of shares in Koito. Toyota Motor Corp. holds 19% of Koito’s shares and has three seats on its board of directors.
