Business: Tapping the Till

Berner eyes Kennecott cash

Takeover artists are often suspected of wanting to tap the till of the target company, but hardly any ever admit it—let alone boast about it. An exception is T. Roland Berner, chairman of Curtiss-Wright, who is campaigning to unseat directors of Kennecott Copper and install his own board in a shareholder election May 2. In the most unusual proxy statement in recent years, Berner last week vowed that if Curtiss-Wright gets control, it will distribute some $660 million of Kennecott's assets to stockholders—who prominently include Curtiss-Wright. It owns 3.3 million Kennecott shares, or nearly 10% of the total.

Curtiss-Wright...

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