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Business

Genzyme, Icahn Call Off Proxy Fight

by Marc S. Reisch
June 14, 2010 | APPEARED IN VOLUME 88, ISSUE 24

Genzyme and activist investor Carl Icahn have agreed to settle their proxy contest. Under the agreement, Icahn will withdraw his own name and those of three other nominees for the board and vote his Genzyme shares in favor of the company’s nominees. In return, Genzyme agreed to appoint two Icahn nominees immediately following the firm’s June 16 annual meeting. In May, Genzyme launched a $2 billion stock buyback program and said it would sell three businesses (C&EN, May 17, page 17).

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