Genzyme, Icahn Call Off Proxy Fight | June 14, 2010 Issue - Vol. 88 Issue 24 | Chemical & Engineering News
Volume 88 Issue 24 | p. 26 | Concentrates
Issue Date: June 14, 2010

Genzyme, Icahn Call Off Proxy Fight

Department: Business
Keywords: proxy contest, stock buyback, Carl Icahn

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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