UPDATE 3-Investor Icahn sues Occidental Petroleum over 'misguided' Anadarko deal [Reuters (UK)]
Occidental Petroleum Corporation (OXY)
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Source: Reuters
Investor Icahn sues Occidental Petroleum over 'misguided' Anadarko deal - Reuters 3 Min Read HOUSTON (Reuters) - Activist investor Carl Icahn sued Occidental Petroleum Corp on Thursday over its deal to buy rival Anadarko Petroleum Corp, signaling he may try to replace Occidental’s board of directors and press for asset sales. His lawsuit calls Occidental’s $38 billion purchase of Anadarko “fundamentally misguided and hugely overpriced” and asks for access to Occidental’s financial records and details of negotiations. Icahn, who owns $1.6 billion worth of Occidental shares, accused the board of being “far over their heads,” saying they “made numerous blunders in recent months and might continue to trip over their feet if the board is not strengthened,” the lawsuit said. He also criticized Occidental Chief Executive Vicki Hollub and her management team for taking $100 million in pay since 2016. Occidental said it would respond to the lawsuit and expects to complete the merger this year.
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News
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- Occidental Petroleum Co. (NYSE: OXY) had its price target raised by analysts at Wells Fargo & Company from $62.00 to $70.00. They now have an "equal weight" rating on the stock.MarketBeat
- Occidental Petroleum Co. (NYSE: OXY) had its price target raised by analysts at Mizuho from $69.00 to $70.00. They now have a "neutral" rating on the stock.MarketBeat
OXY
Earnings
- 2/14/24 - In-Line
OXY
Sec Filings
- 4/17/24 - Form PX14A6G
- 4/10/24 - Form 8-K
- 3/21/24 - Form 4
- OXY's page on the SEC website