Liam Denning, Columnist

Occidental's $9 Billion Invitation to Carl Icahn

The market value lost over its controversial Anadarko deal is Exhibit A for the activist’s complaints.

June 27, 2019 at 1:28 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Billionaire activist investor Carl Icahn, who now has a beef with Occidental’s deal to buy Anadarko.
Photographer: Bloomberg/Bloomberg

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That Carl Icahn: Give him an inch and he’ll take four board seats. Try to, anyway.

Late on Wednesday, the veteran corporate gadfly filed a preliminary proxy statement on Occidental Petroleum Corp. He wants to gather together a fifth of the company’s stockholders of record to force the board to fix a date to determine who can participate in a consent solicitation, akin to a virtual shareholder meeting. Get that done, and Icahn wants to nominate four new directors and ease what he regards as onerous by-laws that make it hard for shareholders to shake things up at Oxy.