Occidental Petroleum has reached a peace deal with Carl Icahn, the legendary activist investor who has condemned the oil company for an ill-timed takeover.
The deal ends a battle between the two sides that began late last May.
The agreement revealed late Wednesday, allows Icahn to add immediately three new directors to the embattled company's board of directors. Occidental, which is backed by billionaire Warren Buffett, also agreed to create a new oversight committee that will include two Icahn directors.
Occidental stopped short, however, of giving into Icahn's demand to replace CEO Vicki Hollub, who masterminded the company's risky takeover of Anadarko Petroleum. That deal, the second biggest US oil acquisition in history, has backfired badly because oil prices have since imploded.
Stephen Chazen, Occidental's newly installed chairman, said the company looks forward to working with Icahn's members and management "as a team to navigate the current difficult environment."
Icahn did not mention Hollub, saying simply that he looks forward to working with Chazen, the company's former CEO.
"We believe Oxy is a good company with good assets," Icahn said.
Despite a 10% rally on Thursday, Occidental's (OXY) share price has lost two-thirds of its value this year.
"Market" - Google News
March 27, 2020 at 01:33AM
https://ift.tt/2JmfjQx
US stocks surge despite the worst jobless claims data in history: Live updates - CNN
"Market" - Google News
https://ift.tt/2Yge9gs
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
/cloudfront-us-east-1.images.arcpublishing.com/bostonglobe/VNG7YMZTRWJ5WBFTJ5NVETPCQI.jpg)
No comments:
Post a Comment