Narrow reelections on board of coal mine operator Massey Energy

CORPORATE GOVERNANCE

Narrow reelections for Massey directors

Three directors were narrowly reelected to the board of coal mine operator Massey Energy on Tuesday in a proxy battle launched by investors looking to change leaders now that share value has plummeted after an explosion killed 29 workers at a company mine in West Virginia six weeks ago.

The Richmond company said the three were "overwhelmingly" reelected and it criticized a shareholder, CtW Investment Group, for an "aggressive and misleading campaign" that labeled the winning margins "razor-thin." Massey said Richard Gabrys won with 55.36 percent, Dan Moore with 55.09 percent and Baxter Phillips Jr. with 57.83 percent. All three serve on Massey's safety committee.

North Carolina's state treasurer, Janet Cowell, whose state pension fund owns over $17 million worth of Massey stock, said that "based on the close results, it is clear that a near-majority of shareholders have no confidence in these directors."

Massey shares have fallen over 30 percent from a year-high price of $54.80 on April 5, when the accident occurred.

-- Reuters

MERGERS & ACQUISITIONS

BAE buys ship-repair firm for $352 million

Defense contractor BAE Systems of Arlington said Tuesday that it will buy ship-repair company Atlantic Marine Holding from a private-equity firm for $352 million in cash.

Atlantic Marine employs 1,000 people and has operations in Florida, Mississippi and Alabama. BAE said the acquisition will help it serve customers in the naval support sector.

The acquisition excludes Atlantic Marine's Boston and Philadelphia operations, which are being retained by the private-equity firm JFL-AMH Partners.

-- Associated Press