P. M. BRIEFING : Pickens Faces Firm Opposition
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TOKYO — Directors of Japanese auto parts maker Koito Manufacturing Co. Ltd. will oppose Texas oilman T. Boone Pickens’ requests, including board representation, at next month’s shareholders meeting, a Koito official said.
Pickens, Koito’s largest shareholder, has submitted seven requests, including one for four seats on the board, and an increased dividend.
His requests will be voted on at a shareholders’ meeting June 28, the spokesman said after a board meeting.
In Dallas, Pickens said that Koito’s effort to lock out its largest stockholder is “living proof of how far Japan’s elite will go to protect their privileged positions with Japanese society.”
Koito’s directors see Pickens’ investment in the company as hostile, but Pickens has insisted that it is a long-term move.
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