Lockheed Rejects Proxy Spending Cap: It rejected...

Lockheed Rejects Proxy Spending Cap: It rejected NL Industries’ counterproposals to limit costs in the proxy campaign for control of Lockheed. NL last week accepted Lockheed’s proposed moratorium on campaign-related newspaper ads. It proposed that both sides spend no more than $5 million on the campaign and suggested limits on campaign-related mailings to some Lockheed shareholders. Lockheed rejected both ideas. NL, a Houston-based chemical company controlled by Texas investor Harold C. Simmons, plans to challenge Lockheed’s directors with a rival slate of board nominees at Lockheed’s April 2 annual meeting.