March 13, 2020 / 1:33 PM / in 18 days

Occidental adopts "poison pill" after Icahn raises stake to about 10%

March 13 (Reuters) - Occidental Petroleum Corp said on Friday it would adopt a "poison pill", a day after billionaire investor Carl Icahn raised his stake in the oil producer to nearly 10% and once again pushed for an overhaul of its board.

The company said it will issue one right for each share outstanding at the close of March 23 and that right will be exercisable if a person or group acquires at least 15% of the company's shares.

It will also be exercised if passive institutional investors buy 20% of the oil producer. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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