Icahn suffers setback at Oshkosh annual meeting

Fri Jan 27, 2012 10:11am EST
 
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By Scott Malone

OSHKOSH, Wisconsin (Reuters) - Oshkosh Corp (OSK.N: Quote) shareholders handed a defeat to activist investor Carl Icahn on Friday, electing "at least" 12 of the 13 management-backed nominees to the company's board.

Just one of six seats contested by Icahn was too close to call, the company said, reporting the results of the voting at the annual shareholder meeting.

U.S. truckmaker said it was still completing a full counting of votes and will report the results for the last board seat within four business dates.

"We thank all our shareholders for their participation throughout this process and appreciate the support of those who voted to elect the company's director nominees," the company said in a statement issued after the close of the annual meeting.

During the meeting, Icahn was represented by Samuel Merksamer, a managing director at Icahn Partners and one of Icahn's nominees to the board. Merksamer spoke briefly to read the name of Icahn's slate and to thank shareholders.

Oshkosh shares were up 3 cents to $24.83 in early trading.

Icahn holds stakes of roughly 10 percent in both the Oshkosh, Wisconsin-based company and rival Navistar International Corp (NAV.N: Quote). He said in December he would like to see the companies merge. He has also called on Oshkosh to consider selling its JLG aerial lift business and pay down debt.

Oshkosh has said its executives have met Icahn multiple times and he has not proposed "substantive ideas" that would benefit all shareholders.   Continued...