Carl Icahn (IEP) is a brilliant investor and a tenacious corporate activist. After repeatedly expressing his disapproval of Occidental Petroleum's (OXY) purchase of Anadarko (APC) and being rebuffed by management, he (and IEP and related entities) has initiated a "solicitation statement" - a step towards replacing members of the board of directors.

Ichan's statement included the following statement: "The recent Occidental Petroleum fiasco is a great example of how CEOs and board will go to great lengths, including 'betting the company' to serve their own agendas. If their bet is successful, they and possibly their shareholders win, but if it is unsuccessful, only the shareholders lose."

Occidental management so far has given a tepid, standard response: "We maintain an open dialogue with all our shareholders and welcome constructive input toward our shared goal of maximizing long-term value, "the company said. "The board is committed to acting in the best interests of Occidental shareholders and will continue to take actions to drive value on their behalf. We remain focused on completing our transaction with Anadarko in the second half of 2019, which we believe will create significant value and enhanced returns for shareholders."

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