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7/19/2019, 9:00 AM (Source: TeleTrader)
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Icahn pushes for greater control over Occidental

Activist investor Carl Icahn, who controls less than 5% of Occidental Petroleum Corp., started an initiative to replace four out of ten members of the board. Directors have failed to fulfill their duty in the "misguided and hugely overpriced" attempt to purchase Anadarko Petroleum Corp., he claimed. Documents filed with the United States Securities and Exchange Commission also reveal a push for a change in internal rules.

The oil company based in Houston and registered in Delaware is due to pay an equivalent of $38 billion including equity before the end of the year for the acquisition as it has outbid Chevron. The billionaire didn't succeed in negotiations with Occidental's chief executive Vicki Hollub.

Breaking the News / IT