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Icahn Sues Occidental and Threatens Fight for Board, Sale

  • Anadarko deal ‘fundamentally misguided and hugely overpriced’
  • Investor says he’s built up a $1.6 billion stake in Occidental
Billionaire activist investor Carl Icahn attends the Leveraged Finance Fights Melanoma charity event in New York, U.S., on Tuesday, May 19, 2015. Lyft Inc. is worth more than its recent $2 billion valuation, based on the $50 billion value of larger car-hailing rival Uber Technologies Inc., Icahn said, after he led a fundraising round at Lyft last week.
Billionaire activist investor Carl Icahn attends the Leveraged Finance Fights Melanoma charity event in New York, U.S., on Tuesday, May 19, 2015. Lyft Inc. is worth more than its recent $2 billion valuation, based on the $50 billion value of larger car-hailing rival Uber Technologies Inc., Icahn said, after he led a fundraising round at Lyft last week.Photographer: Bloomberg/Bloomberg
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Activist investor Carl Icahn launched a lawsuit against Occidental Petroleum Corp. with the goal of potentially seeking board seats and a sale of the company.

The billionaire investor said in the suit filed Thursday in Delaware Chancery Court that he’s built a $1.6 billion stake in Occidental and is upset by the company’s decision to acquire Anadarko Petroleum Corp. for $38 billion. Singled out for special criticism was the $10 billion in financing lined up from Warren Buffett’s Berkshire Hathaway Inc. and the lack of a shareholder vote.