Activist Carl Icahn asked Stephen Chazen, who served as Occidental Petroleum CEO until 2016, to consider being one of his Occidental board nominees
By Christopher M. Matthews and Cara Lombardo Updated July 26, 2019 7:56 am ET Occidental Petroleum Corp. OXY -1.75% Chief Executive Vicki Hollub is eager to move forward following her $38 billion deal to buy Anadarko Petroleum Corp. APC -0.23% But first she has to deal with Carl Icahn, who is trying to bring Ms. Hollub’s predecessor back into the boardroom.
Mr. Icahn, who holds about $1.7 billion in Occidental shares, or nearly 4.4%, has said Occidental botched the bidding process for the Anadarko deal and unfairly denied shareholders a say in the matter. Now that the deal looks likely to close next month, he isn’t trying to block it but is instead fighting for influence over the 100-year-old company’s direction.
Related Coverage A settlement could become more likely if Mr. Icahn is able to garner enough investor support for a meeting to vote on his candidates, the people said. Mr. Icahn needs shareholders controlling at least 20% of Occidental’s shares outstanding to sign off on such a meeting. Because the process to write the company to request a meeting can be arduous for shareholders, it is possible not all sympathetic shareholders will ultimately file in support.
“[T]here appears to be substantial shareholder frustration with the board that should be addressed in a more fulsome manner,” the firm said in a note to investors.Occidental topped Chevron in a bidding war for Anadarko in May, winning prized assets in the heart of the Permian Basin in West Texas and New Mexico, the country’s most active drilling region. But Occidental took on significant debt to beat deeper-pocketed Chevron and must now swallow a company nearly its own size.
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