Activist investor Carl Icahn is a problem of Occidental’s own making johnsfoley
Activist investor Carl Icahn sued Occidental Petroleum on May 30 over its agreed purchase of Anadarko Petroleum, saying he may try to replace the acquirer’s board of directors and push it to sell assets.
Occidental is paying $38 billion in cash and shares to buy rival U.S. shale-oil driller Anadarko. The acquisition, which is to be part-funded with $10 billion of capital from Warren Buffett’s Berkshire Hathaway, does not require approval by Occidental shareholders. Icahn's lawsuit, filed in Delaware’s Court of Chancery, seeks documents that detail Occidental's sale of preferred stock to Berkshire, which he described as a"desperate" move, and information on a deal to sell Anadarko's Africa assets to France’s Total.
Occidental said it would respond in due course to Icahn’s request for access to company books and records.
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