March 22, 2020 / 6:02 PM / 7 days ago

Occidental nears deal with activist Icahn on proxy battle -source

March 22 (Reuters) - U.S. oil and gas producer Occidental Petroleum Corp 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.

If the settlement talks are concluded successfully, Icahn associates Andrew Langham and Nicholas Graziano would get board seats, and Icahn would have a say in the naming of a third independent director, the source said.

An announcement could come later this week, alongside with an official announcement on the appointment of former Occidental CEO Stephen Chazen as Occidental’s new chairman, the source added.

The Wall Street Journal was the first to report that Occidental was nearing a truce in the proxy fight with Carl Icahn. (Reporting by Anurag Maan and Greg Roumeliotis; Editing by Lisa Shumaker)

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