P.M. BRIEFING : ITT OKs 11% Stock Ownership Plan
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From Times wire services
BAL HARBOUR, Fla. — Directors of ITT Corp. today approved the adoption of an employee stock ownership plan that, together with an existing plan, will give employees an 11% stake in the company, ITT said.
The company, at its annual meeting here, said the ESOP will hold $700 million of newly issued convertible preferred stock, equal to about 7% of the company’s voting shares.
Proceeds from the ESOP will be used to buy back about 12 million common or common-equivalent shares, so that the stake held by current stockholders is not diluted, the company said.
