T. Rowe Price Group Inc said on Monday it intends to vote against the Occidental...
HOUSTON - T. Rowe Price Group Inc said on Monday it intends to vote against the Occidental Petroleum Corp board of directors because the oil company will not allow shareholders to vote on its hostile bid for Anadarko Petroleum Corp, which T. Rowe Price and other shareholders oppose.
“We don’t feel we have any choice,” said fund manager John Linehan, portfolio manager at T. Rowe Price. “We really struggle to understand the logic of not putting a transformational deal to your shareholder base.” Icahn’s involvement throws a wild card into the merger battle, said David Katz, president of Matrix Asset Advisors, which held 241,700 shares of Occidental and 61,300 shares of Chevron at the end of April.
“Our objective in doing this was not at all to avoid a shareholder vote. It was to ensure we had a reasonable chance to make this happen,” she said on a conference call on Monday. “We weren’t at all on a level playing field,” she said, noting that the Anadarko board had not yet decided on the offer after lengthy negotiations.
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