HOUSTON: Activist investor Carl Icahn will not have access to Occidental Petroleum Corp's Anadarko takeover records to support his proxy fight against the oil firm's board, a Delaware court judge ruled on Thursday.
Icahn sued Occidental in Delaware Court of Chancery last May seeking financial records and details of its negotiations with Anadarko. He has since committed to a proxy fight to appoint new management and accelerate asset sales to repay debt taken on with the US$38 billion deal.
"We intend to appeal his decision because we believe understanding what happened in the Oxy boardroom is very important to our proxy fight and for all stockholders," said Andrew Langham, general counsel for Icahn Enterprises.Icahn last week disclosed the sale of 10 million shares of the oil and gas producer, reducing his Occidental holdings by nearly a third, according to a letter to shareholders. His stake, valued at about US$1.
Occidental traded at US$37.76 on Thursday, down from US$65.33 on April 12 when the company's interest in Anadarko was first disclosed.
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