Carl Icahn to Solicit Shareholder Support for AIG Breakup
November 23 2015 - 10:00AM
Dow Jones News
Carl Icahn said he intends to begin a consent solicitation to
give shareholders at American International Group Inc. the chance
to express their views, a move he hopes will offer a mandate to
force the insurer to consider his breakup plan.
The activist investor, who said he owns more than 42 million AIG
shares, is pushing the giant insurer to pursue a split into three
separate companies. A key part of his case is that if AIG were
split up, each of the companies would be small enough to avert the
"systemically important financial institution" designation.
In a statement released on his website Monday, Mr. Icahn said it
has become "abundantly clear" in talks with AIG Chief Executive
Peter Hancock that he isn't willing to "sincerely consider" the
breakup plan.
Mr. Icahn said his consent solicitation may include a proposal
to add a new director who would agree in advance to succeed Mr.
Hancock as CEO if asked by the board to do so.
Write to Anne Steele at Anne.Steele@wsj.com
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(END) Dow Jones Newswires
November 23, 2015 09:45 ET (14:45 GMT)
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