ITT to Establish ESOP: ITT Corp., the...

ITT to Establish ESOP: ITT Corp., the focus of recent takeover speculation, will institute a $700-million employee stock ownership plan designed to put about 11% of its shares in workers’ hands, Chairman and Chief Executive Rand V. Araskog said at the company’s annual shareholders meeting in Bal Harbour, Fla. The plan should boost the defenses of the diversified New York-based services company against a takeover or leveraged buyout, although it adds to its nearly $3-billion debt, said spokesman James Gallagher. Araskog said the voluntary employee ownership plan will hold about 12 million shares. The plan would add to the 3.5% of shares already owned by its 47,000 U.S.-based salaried employees.