USX Holders to Vote on Icahn Plan:...
From Times Staff and Wire Reports
USX Holders to Vote on Icahn Plan: Takeover strategist Carl C. Icahn’s proposal that USX Corp. spin off its steel division will be put to a vote of shareholders, USX said in announcing an agreement on the matter. In exchange for the vote, Icahn agreed not to wage a proxy fight or submit other matters for consideration at the steel, oil and gas giant’s May 7 annual meeting, USX said. Stockholders will be asked whether USX should incorporate a separate steel business and sell at least 80% of it, Icahn said in documents filed with the SEC. The new company would carry no more than $1.5 billion in long-term debt.
