Activist billionaire investor Carl Icahn reportedly wants to seize control of energy producer Occidental's board

Brendan McDermid/ReutersBillionaire investor Carl Icahn.

Activist billionaire investor Carl Icahn is seeking to take control of the board of Occidental, the oil and gas producer, according to Bloomberg.

Citing people familiar with the matter, Bloomberg said that Icahn seeks to nominate 10 directors in order to seize control before November 29.

Occidental’s stock in the last year has tanked. Since April, when it first announced interest in buying Anadarko Petroleum, it has fallen 42%. In August, Occidental announced it was buying Anadarko for $US37 billion.

According to Bloomberg, Icahn, who owns a $US1 billion stake in Occidental, has been a vocal critic of the Anadarko purchase, attacking “the lack of a shareholder vote and the pricey $US10 billion financing the company obtained from Warren Buffett to get the deal done.”

Earlier this month, on his website, Icahn released an open letter to Occidental’s stockholders, saying that the merger made “no sense” for stockholders and that the company’s actions were “reprehensible.”

A representative for Icahn declined to comment to Bloomberg, while a representative for Occidental wasn’t immediately available for comment.


Watch Occidental trade live here.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.