President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
(Adds Occidental's response)
June 26 (Reuters) - Billionaire investor Carl Icahn on Wednesday ratcheted up his fight with Occidental Petroleum over its pending purchase of rival Anadarko Petroleum by calling for a special shareholder meeting where he hopes to win board seats.
In a regulatory filing, Icahn said he planned to oust and replace four Occidental directors and change the company's charter through a stockholder consent solicitation to prevent it from ever engineering a similar takeover again.
Responding to the filing, Occidental said it will review the latest materials filed by Icahn, and looks forward to addressing them in ongoing conversations with shareholders.
Icahn, one of industry's most powerful activist investors, cast himself as one of the deal's most fervent critics by charging that Occidental's $38 billion bid for Anadarko was too expensive and could endanger Occidental's future if oil prices sink.
The deal has been approved by the U.S. Federal Trade Commission and is expected to close in the second half of the year.
Icahn's move on Wednesday put fresh pressure on Occidental's management and Chief Executive Vicki Hollub at a critical time and has sparked speculation that Occidental may try to settle with him.
"It is important to add new directors to Occidental's Board of Directors to oversee future extraordinary transactions like the Anadarko transaction and to ensure that they are not consummated without stockholder approval when appropriate," Icahn said in a statement https://www.sec.gov/Archives/edgar/data/797468/000114420419032488/tv524190tprec1 4 a . h t m to shareholders on Wednesday.
Icahn owned a $1.6 billion stake in Occidental as of May 30.
While the move was notable, it hardly came as a surprise as Icahn had been hinting for weeks that he might push for a special meeting where other shareholders would be able to express their frustration with management.
In May he sued Occidental in Delaware court, and earlier this week he went out of his way to criticize the Occidental-Anadarko deal while discussing the merger of major casino operators Caesars Entertainment Corp and Eldorado Resorts Inc.
"The recent Occidental Petroleum fiasco is a great example of how CEOs and boards will go to great lengths, including 'betting the company' to serve their own agendas," Icahn said in a statement about the Caesars-Eldorado merger. "If their bet is successful, they and possibly their shareholders win, but if it is unsuccessful, only the shareholders lose."
While Icahn has said publicly that the Occidental-Anadarko deal likely would not be derailed, his filing illustrates how he wants to make sure that nothing similar happens again.
He said Occidental lacks effective corporate governance and that its directors made mistakes in how and at what cost they pursued the acquisition of Anadarko, according to the filing.
Icahn is calling on the board to set a record date to determine which shareholders could petition to hold a special meeting.
The oil and gas producer's bid for Anadarko topped one by Chevron Corp and includes a $10 billion financing deal with Warren Buffett's Berkshire Hathaway Inc.
The merger of the two U.S. shale producers would increase Occidental's debt to around $40 billion. Icahn, in his lawsuit filed in Delaware Court of Chancery in May, sought access to the oil producer's financial records and details of negotiations. (Reporting by Svea Herbst-Bayliss in Boston and Arundhati Sarkar in Bengaluru; Editing by Richard Chang and Leslie Adler)