Koito Cancels Plans to Give Pickens a Tour of Factory
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TOKYO — Koito Manufacturing Co., upstaged by Texas oilman T. Boone Pickens Jr. at its annual meeting, Friday abruptly canceled a factory tour it had planned to give him.
Pickens walked out of Japanese auto parts maker Koito’s annual meeting Thursday and blasted the company for ignoring shareholder democracy.
Koito retaliated Friday by withdrawing an invitation for Pickens to tour one of its factories, citing what it called “slanderous and false charges” made by Pickens at the shareholder meeting.
The cancellation was the latest episode in a year-long fight between Koito management and Pickens, the company’s largest shareholder with a 26.4% stake.
The slap came after Pickens stormed out of Koito’s shareholders meeting with 50 other Americans, charging that Koito had displayed contempt for the U.S. shareholders by evading their questions.
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