Union Carbide Corp. v. Offerman

LEWIS, Judge.

Pursuant to the Supreme Court’s order we have reconsidered the issues presented, and we affirm our prior decision.

Plaintiff Union Carbide Corporation is a New York corporation domiciled in Connecticut and qualified to do business in North Carolina. Its principal business is the manufacture and sale of chemical products. Fearing a hostile takeover after a 1984 chemical gas leak in Bhopal, India, Union Carbide adopted a restructuring plan designed to increase stock prices. In 1985, Union Carbide’s defined benefit pension plan trust held more assets than legally necessary to provide…