Business Services Industry

Korda tries to defuse Incitec bomb.

Australasian Business Intelligence, November, 2002

Nov 27, 2002 (The Australian - ABIX via COMTEX)

The appointment of Ansett Australia liquidator Mark Korda to the board of listed fertiliser manufacturer Incitec will be opposed. The motivation behind the appointment, to divert legal action related to Incitec's attempts to consolidate its fertiliser interests, has drawn the ire of minority Incitec shareholder Futuris Corporation. Futuris opposes the majority shareholder-sponsored plan. It has alleged in court documents that the Incitec board of directors has conflicts of interests in the matter, as many of the members also represent major shareholder Orica. A sub-committee of independent Incitec directors, led by Korda, will assess the value of reversing the proposed Orica-sponsored plan to divest the Incitec...

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