Deals - Acquisition, Mergers, Divestitures | Capital Markets
Icahn Launches Proxy Battle with Oxy
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Corporate raider Carl Icahn is seeking to gain more control over Occidental Petroleum in what looks to be a developing proxy battle, according to a recent Schedule 14A document filed with the SEC.
This comes after the activist investor expressed disapproval of Oxy's takeover of Anadarko Petroleum.
According to the filing, Icahn is looking to replace four directors on the board due to "ineffective governance" of the current slate of directors.
In response, Oxy issued the following statement: "We maintain an open dialogue with all our shareholders and welcome constructive input toward our shared goal of maximizing long-term value. Our Board is committed to acting in the best interests of Occidental shareholders and will continue to take actions to drive value on their behalf.
"We remain focused on completing our transaction with Anadarko in the second half of 2019, which we believe will create significant value and enhanced returns for shareholders.
"We will review the latest materials filed by Mr. Icahn and look forward to addressing them in our ongoing conversations with Occidental shareholders."
BofA Merrill Lynch, Citi and M Klein and Company are acting as Occidental's financial advisors. Cravath, Swaine & Moore LLP is serving as legal counsel.
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