Corporate Law News

Icahn Says Proxy Fight Reason Enough to Get Occidental’s Records

Feb. 5, 2020, 9:03 PM

Activist investor Carl Icahn urged the Delaware Supreme Court to overturn a ruling barring him from inspecting Occidental Petroleum Corp.'s merger records, arguing that his proxy fight demonstrates a proper purpose for his information demand.

Icahn is planning a fight to replace some Occidental board directors after accusing the Houston-based oil producer of overpaying to complete its $37 billion acquisition of Anadarko Petroleum Corp.

The proxy fight itself warrants his request for company records, Icahn’s attorney, Stephen E. Jenkins of Ashby & Geddes, P.A., told a panel of three Delaware Supreme Court justices. “Certainly using them in a legitimate proxy...

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