Plus   Neg

Occidental Petroleum To Review Materials Filed By Carl Icahn

Occidental Petroleum Corp.(OXY), an oil and gas exploration and production company, on late Wednesday issued a statement in response to the materials filed by activist investor Carl Icahn.

The company said it will review the latest materials filed by Icahn, and will address them in its ongoing conversations with Occidental shareholders.

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

Icahn's firms own about $1.6 billion of Occidental stock.

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

Occidental now said it maintains an open dialogue with all shareholders and accepts constructive input toward shared goal of maximizing long-term value. The Board will continue to take actions to drive value.

The company is now focused on completing transaction with Anadarko in the second half of 2019, which would create significant value and enhanced returns for shareholders.

BofA Merrill Lynch, Citi and M Klein and Co. are acting as Occidental's financial advisors. Cravath, Swaine & Moore LLP is serving as legal counsel.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Bank of America Corp. (BAC) reported net income of $5.8 billion, or $0.56 per share, for the third quarter of fiscal 2019. The company's third-quarter results included Merchant Services Joint Venture impairment Charge of $2.1 billion or $0.19 per share. Excluding the impairment charge, net income was... The Libra Association, formed by major financial partners of Facebook's Libra cryptocurrency project, formalized the association at the inaugural Libra Council meeting of the members at its headquarters in Geneva, Switzerland. The current 21 member organizations formally signed onto the Libra Association charter, elected the Board of Directors, and appointed the executive team. Department store chain Kohl's Corp. has unveiled its Kohl's Cares holiday collection that includes the Disney Frozen 2 and Holiday Character bundles. The company's philanthropic program, Kohl's Cares, sells children's books as well as toys and donates the entire profit to charitable initiatives nationwide.
Follow RTT