Crane Maker Manitowoc Gives Carl Icahn Board Seats

Crane maker Manitowoc Co. Inc. said Monday activist investor Carl Icahn, the company's second-largest shareholder, will be able to nominate board members after it spins off its crane and foodservice businesses. Manitowoc has said it plans to separate the two lines into two independent, publicly traded companies by next year. "We strongly believe that the separation of Manitowoc's core businesses will create two stronger companies and that, in combination with improved corporate governance, shareholder value will be greatly enhanced by this agreement," Icahn said in a statement on Manitowoc's web site.