Occidental Petroleum Corporation issued the following statement in response to the materials filed by Carl Icahn:
We maintain an open dialogue with all our shareholders and welcome constructive input toward our shared goal of maximizing long-term value. Our Board is committed to acting in the best interests of Occidental shareholders and will continue to take actions to drive value on their behalf.
We remain focused on completing our transaction with Anadarko in the second half of 2019, which we believe will create significant value and enhanced returns for shareholders.
We will review the latest materials filed by Mr. Icahn and look forward to addressing them in our ongoing conversations with Occidental shareholders.
Investor Carl Icahn, who holds $1.6 billion in Occidental Shares, or nearly 5%, stated in a letter to shareholders that the company's board mismanaged its $38 billion deal to buy Anadarko Petroleum Co. The company’s pending deal revealed a lack of “effective corporate governance,” and it needs new directors to ensure the acquisition realizes its cost savings, it said to shareholders disclosed in a securities filing Wednesday.
In a lawsuit Icahn filed against the company in May, he argued Occidental should explore selling itself, saying that it would be in the best interest of shareholders.
