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Activist investor Carl Icahn is suing Occidental Petroleum Corp. (NYSE:OXY) over a "misguided" Anadarko Petroleum Corp (NYSE:APC) deal, according to Reuters reports.
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Occidental has acquired some of the richest shale oilfields and recently fought off rival Chevron Corp (NYSE:CVX) in a bidding war to acquire Anadarko Petroleum.
Icahn has built a $1.6-billion position in Occidental and may seek a "special meeting" to remove and replace board members over this deal, according to a lawsuit filed Thursday.
The lawsuit has been filed in Delaware by a group of Icahn companies and is calling Occidental's recent agreement to purchase Anadarko for $38 billion "fundamentally misguided and hugely overpriced."
What's Next
Reuters reported Icahn may seek a meeting of shareholders to remove and replace directors. He believes Occidental should have been a seller rather than a buyer in the current market.
Occidental's stock traded lower at $51.84 per share Thursday afternoon. Anadarko Petroleum was little changed at $71.23 per share.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.