Carl Icahn at the 6th annual CNBC Institutional Investor Delivering Alpha Conference on September 13, 2016.
Heidi Gutman | CNBC
Activist investor Carl Icahn on Thursday formally launched a proxy fight against Occidental Petroleum to win control of four board seats, according to a regulatory filing, after talks with the oil company’s chief executive failed to reach an agreement.
Icahn, who owns 4.4% of Occidental shares, last month said he planned to launch a proxy fight to oust and replace four Occidental directors. Icahn has blasted the Houston-based oil and gas producer for failing to give owners a say on its proposed $38 billion acquisition of Anadarko Petroleum, which he has called “misguided and hugely overpriced.”
“Occidental refused to craft a compromise and so we’ll happily take our case to stockholders which the company should have done with this bet-the-company transaction,” Icahn told Reuters on