Occidental Petroleum Corp on Monday sharply criticized activist investor Carl Ic...
FILE PHOTO: Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York, U.S. on February 11, 2014. REUTERS/Brendan McDermid/File Photo
Icahn, who owns 4.4% stake in the Houston-based oil and gas producer, launched a proxy fight last week, arguing that the company overpaid for Anadarko Petroleum and failed to give shareholders a say in the proposed $38 billion deal. “None” of Icahn’s nominees “possess skills, experience or expertise that are additive or superior to our existing directors,” wrote Occidental Chief Executive Officer Vicki Hollub and Chairman Eugene Batchelder in a letter to shareholders.
The hedge fund further described the two directors’ pay as excessive and called the Anadarko purchase a “de facto poison pill to ensure Oxy remains a stand-alone company, thus ensuring Hollub and Batchelder keep their jobs, power, and lucrative compensation.”
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