Occidental Petroleum Reaches Truce with Activist Investor Carl Icahn
March 25 2020 - 11:00AM
Dow Jones News
By Rebecca Elliott and Ryan Dezember
BREAKING NEWS....
Occidental Petroleum Corp., the largest oil producer in the
giant Permian Basin, has ceded to activist investor Carl Icahn's
demands and announced deep spending cuts in a bid to survive the
steepest crude-price plunge in decades.
The truce with Mr. Icahn, unveiled Wednesday, is the culmination
of a monthslong battle that began last year after Occidental outbid
Chevron Corp. for Anadarko Petroleum Corp.
Two of Mr. Icahn's deputies, Andrew Langham and Nicholas
Graziano, will receive Occidental board seats under the agreement.
Herbalife Nutrition Ltd. board member Margarita Paláu-Hernández
will join as an independent director.
Occidental's board will also create a new board oversight
committee, with at least two of the new board members, that must be
informed of any offers to acquire the company or its assets.
Occidental also installed its former chief executive Stephen
Chazen as chairman.
(More to Come)
(END) Dow Jones Newswires
March 25, 2020 10:45 ET (14:45 GMT)
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