The Wall Street Journal: Carl Icahn seeks to oust 4 Occidental board members

Billionaire investor Carl Icahn is seeking to replace four directors at Occidental Petroleum Corp., saying the company’s board mismanaged its $38 billion deal to buy Anadarko Petroleum Corp.

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, Icahn said in a securities filing.

Icahn — who disclosed he holds $1.6 billion in Occidental shares, or nearly 5% — asked other shareholders to request that Occidental OXY, +2.11% set a date to consider his proposal, which he said was a necessary first step in the process to nominate new directors.

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