Carl Icahn Seeks To Replace Four Occidental Petroleum Directors

(RTTNews) - 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.