Occidental launches poison pill as Icahn seeks to oust board

Occidental Petroleum (OXY +7.9%) adopts a limited duration stockholder rights plan – a poison pill – a day after Carl Icahn said he had acquired a nearly 10% stake and promised to shake up the company’s board.

If approved, the rights plan would be exercisable if an investor amasses a 15% stake in the company.

“We adopted the Rights Agreement to protect stockholders from efforts to capitalize on recent market volatility and macroeconomic conditions to gain control of the company without paying all stockholders an appropriate premium for that control,” incoming Chairman Jack Moore says.

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