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Carl Icahn Seeks To Replace Four Occidental Petroleum Directors

Activist investor Carl Icahn is seeking to replace four directors at Occidental Petroleum Corp. (OXY), saying the company's board "fundamentally misguided" its $38 billion deal to buy Anadarko Petroleum Corp. (APC).

The company's pending deal revealed a lack of effective corporate governance, and it needs new directors to ensure the acquisition realizes its cost savings, Icahn disclosed in a regulatory filing.

Icahn, whose firms own about $1.6 billion of Occidental stock, asked other shareholders to request that Occidental set a date to consider his proposal, which he said was a necessary first step in the process to nominate new directors.

In May 2019, Icahn filed a lawsuit against Occidental Petroleum saying that Occidental's recent deal to buy Anadarko for $38 billion "fundamentally misguided and hugely overpriced." The lawsuit argued Occidental should explore selling itself.

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