Carl Icahn declares war over huge oil takeover


Carl Icahn believes Occidental Petroleum badly overpaid for oil driller Anadarko Petroleum. Now, he wants four Occidental directors to pay for that controversial deal — with their jobs.

The famed activist investor officially declared war on Occidental’s (OXY) board on Thursday byfiling the paperwork required to begin the process of ousting and replacing a chunk of the board of directors.
Icahn, whose firm owns a 4.4% stake in Occidental valued at $1.7 billion, named a slate of four potential replacements, including two executives from his own firm.
The flashpoint is Occidental’s bidding war with well-heeled Chevron (CVX) for Anadarko, a shale driller with prime position in the West Texas Permian Basin. Rather than meet Occidental’s hostile offer, Chevron walked away from its merger agreement.
Anadarko (APC) and Occidental reached a deal in May valued at the time at $57 billion, including debt. Chevron’s deal was originally valued at about $48 billion, including debt.