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Occidental Said to Near Deal With Icahn to End Boardroom Battle

Carl Icahn
Carl Icahn Photographer: Victor J. Blue/Bloomberg

Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter.

The deal would also see the billionaire investor support the return of Occidental’s former Chief Executive Officer Stephen Chazen as chairman, the people said, asking not to be identified because the matter is private. A settlement has yet to be signed, and the talks could still fall apart or the terms change, they said.