Pittsburgh Mayor to Talk to Icahn About His Plans for Big Stake in USX
PITTSBURGH — Pittsburgh Mayor Sophie Masloff says she’s going to ask New York investor Carl Icahn what his plans are for Pittsburgh’s USX Corp., the nation’s largest steelmaker.
Icahn last week sold off a big block of Texaco stock to raise more than $2 billion in cash. So Masloff wants to know if he plans to try a hostile takeover of USX, the area’s largest taxpayer and one of the city’s largest employers.
Masloff said observers have told her “he’s a tough guy to talk to.”
The mayor used the same direct approach with Britain’s Brian Beazer, who ended up taking over Pittsburgh’s Koppers Co. last year.
USX, meanwhile, stayed tight-lipped on the takeover rumors.
“We just have no desire to comment on any aspect on this,” spokesman Thomas Ferrall said.
Icahn in late 1986 made an $8-billion proposal to buy all of USX. He was blocked by then-Chairman David Roderick’s financial maneuvering and abandoned the buyout in early 1987. Nevertheless, Icahn still holds 11.4% of USX stock.
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