- Carl Icahn has doubled down on a fight to take control of Occidental Petroleum (NYSE:OXY), upping his stake in the embattled oil-and-gas producer to 10%, from 2.5% at the end of last year.
- The activist investor has long-criticized the company for its $38B acquisition of Anadarko Petroleum and is seeking to replace OXY's entire board, which includes CEO Vicki Hollub, at its annual meeting this spring.
- Occidental's market value has shrunk to less than $11B from more than $46B just before the deal was struck, prompting the company to slash its dividend this week and cut FY 2020 capex spending.