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.
Replacing the company's leadership would cause its value to"meaningfully increase," he said in an interview last week. Icahn then declined to say how much he lost on the sale of the 10 million Occidental shares.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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