Occidental Petroleum says on 'clear path to ehance value creation'
Occidental Petroleum Corporation (OXY) mailed a letter to shareholders in connection with definitive proxy materials it has filed with the Securities and Exchange Commission in response to materials filed by Carl Icahn. The company said, "Occidental is on a clear path to enhance value creation through the pending acquisition of Anadarko Petroleum Corporation (APC) and the Company believes that its shareholders' interests would be best served by focusing on completion and integration of that acquisition. Mr. Icahn's own statements demonstrate that he does not understand or support the strategic and financial merits of the acquisition, and the Occidental Board believes that his Board nominees would interfere with the Company's ability to successfully integrate Anadarko's valuable assets and deliver on the promise of this acquisition at this critical juncture. Occidental's Board comprises ten highly qualified directors, nine of whom are independent, and all of whom bring meaningful expertise across a diverse range of backgrounds in areas key to the Company's business. Occidental does not believe that another director election approximately ten weeks after the last one, in the middle of completing and integrating a large and complex acquisition, is in the best interests of Occidental or its shareholders." OXY APC