Top executives of Texaco Inc. claimed a clear victory Friday as their bitter proxy fight with corporate raider Carl Icahn came to an end at the oil giant's annual shareholders meeting.
In a separate news conference after the meeting, Icahn said he was confident that he won the biggest proxy battle in history - provided he got the votes from a crucial block of shares.Security was tight as more than 1,000 stockholders packed a hotel ballroom to decide whether Icahn and four associates should join Texaco's board.
Icahn, chairman of TWA and Texaco's largest shareholder, said he was "pretty confident of victory," but maintained the outcome would be decided by a key 7.7 million-share block thought to have been sold on Tuesday by the New York investment firm Kohlberg, Kravis, Roberts & Co.
Balloting for the five board seats ended at 12:52 p.m. CDT. DeCrane said the results would be announced as soon as they become available.
Solicitors said it will take at least three weeks to eliminate duplications among the 400,000 proxy cards.