Deals - Acquisition, Mergers, Divestitures | Legal / Lawsuit | Capital Markets
Icahn Steps Up Against "Misguided" Oxy-Anadarko Merger; Files Lawsuit
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Corporate raider Carl Icahn has filed a lawsuit as he looks to fight against Occidental Petroleum's pending $57B (including debt) acquisition of Anadarko, according to multiple reports.
In the suit, Icahn calls the acquisition "fundamentally misguided" and that Oxy's management are "in far over their heads." As a result, the activist investor is hoping to call a special meeting of investors in an effort to potentially replace current members of the Oxy board.
Currently, Icahn's stake in Oxy amounts to approximately $1.6 billion.
Oxy was able to avoid a shareholder vote in regard to the acquisition of Anadarko by securing a $10 billion investment from Berkshire Hathaway.
Shale Experts will report more on this as it develops.
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