Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Global PC shipments returned to growth in the second quarter of 2020 after seeing a significant decline in the preceding first quarter due to COVID-19 related supply-chain disruptions, according to reports by two research firms. The PC market returned to growth in the quarter as production ramped up and vendors restocked their supplies to near-normal levels. The bankruptcy filing of America's oldest apparel retailer Brooks Brothers has ignited significant interest from potential buyers for the brand. WHP Global and a venture backed by Authentic Brands Group LLC and Simon Property Group, Inc., are reportedly considering bids for the retailer. WHP Global owns the ANNE KLEIN and JOSEPH ABBOUD brands. Sundial Herbal Products has recalled around 65 products, which were misbranded and currently unapproved drugs, the U.S. Food and Drug Administration said in a statement. The recall follows an order by a federal judge in June to stop distributing the company's unapproved new drugs. The affected items include herbal products and dietary supplements.
Follow RTT