) is nearing an agreement with activist investor Carl Icahn to halt a proxy battle in return for board seats, according to a person familiar with the matter.
The agreement could put an end to a bitter fight over Occidental’s ill-timed purchase of rival Anadarko Petroleum last year, a bet on the continued growth of U.S. shale. After closing that deal, the market turned against Occidental, with oil prices diving more than 60% this year as the global coronavirus outbreak cut oil demand and OPEC and Russia launched an oil-price war.
An announcement could come later this week, alongside an official announcement on the appointment of former Occidental CEO Stephen Chazen as Occidental’s new chairman, the source said.was the first to report that Occidental was nearing a truce in the proxy fight with Icahn. The U.S. oil producer’s market value fell to $9.16 billion on Friday, far below the $38 billion it paid last August for Anadarko.
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