"Wolf King" Declares War on Buffett: Sell Occidental Petroleum Right After the Acquisition!

Carl Icahn, known as Wall Street’s “Wolf King,” filed a lawsuit against Occidental Petroleum Corporation in Delaware’s Chancery Court on Thursday, May 30, accusing the company of overpaying—and making materially misleading statements—in its acquisition agreement with Anadarko Petroleum. Icahn seeks board representation and even the outright sale of Occidental. This month, backed by Warren Buffett—the “Oracle of Omaha”—Occidental won the bidding war for Anadarko Petroleum. Yet barely had the acquisition deal been finalized when Carl Icahn, the famed activist investor dubbed Wall Street’s “Wolf King,” sprang into action. According to reports, Icahn filed the lawsuit in Delaware’s Chancery Court on Thursday, May 30, alleging that Occidental’s bid for Anadarko was grossly inflated and fundamentally misleading. Icahn stated he holds $1.6 billion worth of Occidental stock and aims to use this litigation to secure a seat on the board—or even force a sale of the company. In his complaint, he declared: “From the perspective of ordinary shareholders, acquiring Anadarko is a bet on Occidental’s entire future—yet such a monumental decision was made without consulting ordinary shareholders, effectively stripping them of their fundamental rights.” Icahn said he is urging other shareholders to convene a special shareholder meeting to elect new board members. Earlier this month, Occidental’s shareholders—overruling board opposition—lowered the threshold required to call such a meeting from 25% to 15% of outstanding shares. That means if shareholders holding just 15% of Occidental’s stock align with Icahn, he could gain board representation. Occidental responded by stating that the company remains steadfastly committed to creating long-term value for shareholders, and that its board and management have consistently pursued opportunities aligned with that goal. The Anadarko acquisition, it emphasized, promises substantial returns for investors of both companies—and it expects the transaction to close successfully. The lawsuit also demands that Icahn be granted access to Occidental’s documents and records related to the Anadarko acquisition. Occidental said it will provide the requested materials at an appropriate time. Anadarko—the target of this acquisition—is a shining star in America’s oil industry. This independent exploration and production company holds valuable oil fields in the U.S. Permian Basin, offering tremendous growth potential.

Wanhua Pays $7.75 Million to Settle Antitrust Case! From BASF to Covestro: The North American Channel Defense Behind the MDI Giants’ Antitrust Litigation

Recently, Wanhua Chemical’s U.S. subsidiary settled an eight-year-long MDI/TDI antitrust class-action lawsuit for $7.75 million—a milestone conclusion to a protracted legal battle. This marks the third global chemical giant to settle, following BASF and Covestro, bringing the cumulative settlement amount to $17.75 million. Although Wanhua Chemical (U.S.) admitted no wrongdoing, the settlement underscores the compliance challenges confronting Chinese chemical enterprises expanding overseas—and highlights the urgent need for globally diversified operations amid intensifying U.S.-China trade tensions and steep anti-dumping tariffs. Following BASF and Covestro, Wanhua Chemical (U.S.) settles antitrust case for $7.75 million On July 31, 2026, a legal filing submitted to the U.S. District Court for the Western District of Pennsylvania disclosed that Wanhua Chemical (U.S.) Co., Ltd. had reached a settlement agreement with plaintiffs in the diisocyanate antitrust class-action lawsuit, for a sum of $7.75 million (approximately RMB 52.3 million). The timeline shows that the parties reached a preliminary agreement as early as June 3, 2026; the final settlement agreement was formally signed on July 9, 2026; and the filing was submitted to the court on July 31, 2026, pending judicial approval. The agreement will only take full legal effect upon final court approval. This is the third settlement reached in the litigation. On May 4, 2026, BASF broke the ice first, agreeing to pay $3 million to settle with plaintiffs; on May 8, 2026, Covestro LLC—the U.S. subsidiary of Covestro—followed suit, settling for $7 million. Both BASF’s and Covestro’s settlement agreements received preliminary court approval on July 23, 2026; the final approval hearing is scheduled for December 7, 2026. Wanhua Chemical (U.S.)’s settlement is expected to complete the same approval process on that same date. The three companies’ combined settlement payments total $17.75 million (approximately RMB 120 million). Notably, Wanhua Chemical (U.S.) admitted no allegations of price-fixing or monopolistic pricing in its settlement agreement. Its payment secures immunity from this specific lawsuit only—and it has agreed to cooperate with plaintiffs by providing operational data to advance trial proceedings against remaining non-settling defendants. Similarly, BASF’s and Covestro’s settlement agreements contain identical “no-admission-of-liability” clauses—a standard practice in U.S. antitrust class-action settlements: paying for peace, but not conceding guilt. An eight-year tug-of-war: From filing to overcoming jurisdictional hurdles The entire litigation originated in June 2018, when a group of direct purchasers of MDI and TDI filed a class-action lawsuit naming major global MDI/TDI producers—including BASF, Dow Chemical, Huntsman, Covestro, and Wanhua Chemical—as defendants. Plaintiffs alleged that these chemical giants colluded to raise prices through coordinated plant shutdowns for maintenance, synchronized price hikes, and artificial supply constraints—exploiting the limited availability of MDI substitutes and the oligopolistic structure of the industry to systematically inflate raw material procurement costs. All named defendants denied the allegations, arguing the lawsuit followed media coverage of a related U.S. Department of Justice investigation—but that the DOJ ultimately brought no charges.

Ashland Confirms Settlement with Activist Investor Ancora Holdings

Jul 28, 2026

Ashland Global Holdings settled with activist investor Ancora Holdings, adding two independent directors and forming a capital allocation committee to address shareholder concerns and potentially pursue a sale.

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Allspring Global Investments Reduces Stake in Ashland Inc. to $25.69 Million

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Ashland Raises Prices Across Product Lines Amid Cost Pressures

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Ashland Inc. (NYSE:ASH) Given Consensus Rating of "Hold" by Analysts

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Massachusetts Financial Services Co. Lowers Stock Position in Ashland Inc.