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Occidental Urges Shareholders Not To Take Action On Icahn Materials

Responding to materials filed by Carl Icahn, Occidental Petroleum Corp. (OXY) recommended its shareholders do not sign any written request sent to them by Icahn or his affiliates.

Last week, Billionaire investor Carl Icahn took another step in his effort to replace four directors at Occidental Petroleum Corp., alleging the company's board mismanaged its $38 billion deal to buy Anadarko Petroleum Corp.

Occidental today said its board unanimously determined that fixing a Record Date for the Icahn Group's planned consent solicitation and the proposals the Icahn Group intends to ask stockholders to act on are not in the best interests of Occidental or its stockholders.

According to Occidental, Icahn's own statements demonstrated that he did not understand or support the strategic and financial merits of the acquisition and the company believe that his Board nominees would interfere with the company's ability to successfully integrate Anadarko's valuable assets, execute divestiture.

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