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Breaking News from CNBC's Scott Wapner: Icahn on Transocean Dividend: Too Little, Too Late

Tuesday, 5 Mar 2013 | 11:04 AM ET

WHEN: TODAY, MONDAY, MARCH 4TH

WHERE: CNBC'S "SQUAWK ON THE STREET"

Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.

SCOTT WAPNER: THANKS CARL. AS IT RELATES TO CARL ICAHN, OF COURSE CARL HAS A 5.6% STAKE IN THAT COMPANY 20.1 MILLION SHARES TODAY TRANSOCEAN THE TICKER SYMBOL RIG LET'S TAKE A LOOK AT THE CHART AS WELL TODAY ANNOUNCED THAT IT WOULD BE RESTARTING ITS DIVIDEND WITH A PAYMENT OF $2.25 A SHARE FOR THE YEAR. CARL ICAHN HAS BEEN CALLING FOR SOMETHING A LITTLE RIGHER THAN THAT ABOUT $4.00 PER SHARE. I CALLED HIM TODAY. HE TOLD ME THAT THIS ANNOUNCEMENT FROM TRANSOCEAN IN HIS WORDS IS TOO LITTLE TOO LATE. SHAREHOLDERS DESERVE THE CAPITAL AND THAT THIS COMPANY NEEDS NEW BLOOD ON THE BOARD AND WE PLAN ON PUTTING UP A SLATE ON THE BOARD. SO THE STOCK CARL IS DOWN 60% OVER THE PAST 5 YEARS IT IS DOWN YEAR TO DATE. IT IS UNDER PERFORMED THE MARKET AS WELL SO IT APPEARS THAT CARL ICAHN IS GEARING UP FOR ANOTHER FIGHT THIS ONE WITH TRANSOCEAN OVER WHAT THE COMPANY SHOULD DO WITH ITS CASH. THEY ANNOUNCED AGAIN TODAY A DIVIDEND THEY'RE RESTARTING IT AT $2.25 ICAHN WANTS MORE THAN THAT. AND FOR WHAT IT IS WORTH TODAY CARL HERBALIFE IS UP TODAY TOO ABOUT 1.5% AND THAT STOCKS UP ABOUT 9% SINCE CARL TOOK HIS VERY PUBLIC POSITION.


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