Wednesday, April 16th8.6°C
21417

Talisman board to add two representatives of U.S. activist investor Carl Icahn

CALGARY - Two representatives of Carl Icahn will join the board of Talisman Energy Inc. (TSX:TLM), increasing the activist investor's involvement in the oil and gas company's key decisions.

One of Icahn's representatives will sit on the board committee searching for a successor to Hal Kvisle, who plans to step down as Talisman's president and chief executive next year.

Kvisle took the reins of the company last year and has since set out a new strategy that has honed its focus on the Americas and Southeast Asia.

Talisman announced last month it would sell 75 per cent of its assets in northeastern B.C.'s Montney formation to Progress Energy Canada Ltd., a subsidiary of Malaysia's Petronas, for $1.5 billion.

Icahn revealed in October through regulatory documents that he had acquired about six per cent of Talisman's stock, which he viewed as undervalued.

Icahn has since increased his holdings to about seven per cent, according to a joint announcement issued Monday.

Two managing directors from Icahn Capital LP — Samuel Merksamer and Jonathan Christodoro — will join the board this month.

As part of his agreement with Talisman, Icahn as agreed to vote shares he controls in support of the board's slate of director nominees at the 2014 annual meeting of shareholders.

"I strongly believe in the potential of Talisman and I'm pleased to have reached this constructive outcome," Icahn said.

"Our record shows that our involvement on boards has created meaningful value for all shareholders. We hope and believe this will continue with Talisman."

The Canadian Press


Read more Business News

21596


Recent Trending




Today's Market
S&P TSX14427.30+123.38
S&P CDNX993.040.94
DJIA16404.43141.87
Nasdaq4073.20+39.039
S&P 5001858.63+15.65
CDN Dollar0.9082-0.0027
Gold1301.20+1.20
Oil103.65-0.10
Lumber327.10+2.90
Natural Gas4.535-0.032

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.02
Cantex0.045-0.005
Anavex Life Sciences0.36-0.02
Metalex Ventures0.08+0.005
Russel Metals30.62+0.35
Copper Mountain Mining2.41+0.09
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20225

FEATURED Property
18870271075 Leathead Road
1 bedrooms 1 baths
$1,050,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21641

21641


Member of BC Press Council


21202