Carl Icahn Plans To Nominate Directors In Occidental Petroleum : Report

(RTTNews) - The billionaire investor Carl Icahn plans to nominate a slate of 10 directors in an attempt to seize control of the board of Occidental Petroleum Corp. (OXY), Bloomberg reported citing people familiar with the matter.

Carl Icahn, who owns a stake in the company valued at about $1 billion, plans to make his move before the November 29 deadline for nominations, the report said.

In a November 8 letter explaining his decision to launch a proxy fight, Icahn said the merger between Occidental Petroleum and Anadarko Petroleum made "no sense" to anyone other than Occidental Chief Executive Officer Vicki Hollub and certain members of the board, who he said "grossly overpaid" for Anadarko to avoid becoming a takeover target themselves.

Occidental Petroleum completed acquisition Of Anadarko Petroleum in August.