Controversial billionaire Carl Icahn has begun flexing his muscles after taking a major stake in North Sea operator Talisman Energy.
The company confirmed it has appointed two new directors to the board after reaching an agreement with Icahn – one of the USA’s richest men – following his share purchase earlier this year.
Samuel Merksamer and Jonathan Christodoro, managing directors of Icahn Capital, are to join the board this month.
Their presence comes after Icahn agreed to use his 7% stake in the company to support Talisman’s boardroom choices at next year’s annual shareholder meeting.
“I strongly believe in the potential of Talisman and I’m pleased to have reached this constructive outcome,” said Icahn.
“We look forward to working with the board of directors and management with a common objective of creating sustainable value for all shareholders.
“Our record shows that our involvement on boards has created meaningful value for all shareholders. We hope and believe this will continue with Talisman.”
The activist investor, who spent £186million in October to buy a 7% stake in the firm, was described as a ‘corporate raider’ by Time Magazine following his takeover of TWA in 1985.
The second-largest stakeholder, he has now reached terms with the company whichi will see one of his new directors sitting on Talisman’s CEO succession committee.
Talisman’s CEO Hal Kvisle is due to step down next year, with the hunt for a successor now underway.
Talisman, which employs more than 1500 people in Aberdeen and has 11 North Sea installations, sold a 49% stake in its North Sea operations to Sinopec in a £1billion deal a year ago.