Continental Focus, International Reach

Oxy in Proxy Fight

Monday, July 22, 2019

Occidental Petroleum (OXY) is facing a fight with one of its shareholders, as Carl Icahn formally launched a proxy fight against the firm. Icahn is looking to control four board seats and launched the proxy fight when talks with Oxy CEO, Vicki Hollub, failed to reach an agreement.

Icahn previously blasted the Oxy for failing to give owners a say on its $38 billion acquisition of Anadarko Petroleum, which he has called “misguided and hugely overpriced.”

According to an Oxy spokesman, the use of a consent solicitation to elect directors would require a majority of shares outstanding to be voted in favor, a greater hurdle than a special meeting of shareholders.