we spoke to carl icahn earlier. object to the fact that they did a transformational acquisition that really puts the company at risk and did not go to the board members for a vote. they skirted the board members vote. it is interesting, they pledged in the future -- this was a few months ago, in the future they would always go to shareholders, keep the balance sheet current. i say that all in the letter. watch carefully their debt. not only did they violate that pledge but they ran to warren buffett. activist investor carl icahn speaking with erik schatzker. we are joined by our deals reporter who broke the story. to letter from icahn investors, the latest attack on occidental, pretty brutal wording, taking the ceo to the cleaners. >> it is typical icahn. colorful, and at the same point, pretty eviscerating. shery: what was the problem that he saw the issue with this financing? >> primarily, expensive. warren buffett will get 8% on his investment, plus some more roots. -- warrants. that is a bit different from what

vonnie: activist investor carl icahn is stepping up his attack on occidental petroleum in his letter to shareholders, saying its leaders rushed the deal to purchase anadarko in order to stop occidental from being taken over itself. >> essentially, what carl icahn is trying to do is get four members on the board of occidental. and he has to go through this convoluted process, he has to get a record date and get shareholders to support his effort to remove and replace four directors. carl: this is a good example of somebody that goes in and does this deal in a panicked way over a very short period of time and spends billions of billions of billions of dollars of shareholders' money, overpaying for it. i think there will be a day when we are very much needed on that board, because really, that board does not hold the ceo accountable and the chairman is not accountable, and i think the chairman is at fault greatly here, because the chairman has a lot of power on the board, and i think they are both greatly at fault for the way they conducted this. shery: softbank has announced it is laun

activist investor carl icahn pushes for more seats on occidental's board and congress works out a deal to raise the u.s. that no one is very happy with. and former bank of england governor mervyn king is fed up with the battle over brexit and he says he knows why it has been dragging on. >> so far the thing that matters more than anything else is that parliament has voted for nothing. juliette: this is bloomberg. ♪ juliette: welcome back to "bloomberg best." i'm juliette saly. this week, a new nasdaq file stock exchange opened in china, shanghai's star market. the first day saw a trading frenzy as 25 companies that made their debut rose an average 140%, although the exuberance faded a bit as the week went on. bloomberg's selina wang caught up with china renaissance group's ceo, fan bao, at the launch of the new exchange, and asked how this new stock venue will distinguish itself. >> what's different is where to find the timetable, and it is all about disclosures, in the end. it's not about whether you meet a certain requirement for those things. at the end of the day, it is about dis

. ♪ >> activist investor carl icahn is stepping up his attack in the letter to shareholders, saying they rush the deal to take over anadarko in order to stop occidental being taken over. >> essentially what carl icahn is trying to do is get for board members on the board and he has to go through this convoluted process, he has to get a record date and get shareholders to support his effort to remove and replace those directors. >> this is a good example of somebody that goes in and does this deal in a panicked way over a very short period of time and spends billions of dollars of shareholder money overpaying for it. board really does not hold the ceo accountable and i think the chairman has a lot of power. they are both greatly involved with the way they conducted this. ♪ >> softbank has announced it is launching a second vision fund, this time worth $108 billion. we know about this second fund? >> we know it will be named sensibly, vision fund 2, we know softbank will contribute $38 billion. quite a bit more than what they put in originally. it is in line with what we have are hearing

a conversation with carl icahn, the legendary activist investor. we have him by phone. have written a letter to occidental petroleum shareholders concerning its proposed acquisition of anadarko. dealre unhappy about this for a number of reasons. tell me first, what do you object to most strongly? fact thatject to the they did a transformational that really put the company at risk, and did not go to the board members for a vote. they skirted the board members vote. it's interesting, they always ago, in a few months the future, it would go to shareholders, keep the balance sheet current. they say that in the letter. not only did they violate that pledge but they ran to warren buffett to borrow money so that they could only issue 19%. i could interrupt, this is what i'm driving at. are you most upset about the lack of a shareholder vote, or more upset perhaps about the terms in which the financing is being given by warren buffett. or are you objecting to the price of anadarko? shat is it that most upset you? carl: all three. i object to the fact that this , andaction is a

carl icahn is ebbing up his occidental petroleum in letters to shareholders. occidental petroleum has just responded. we are joined by our deals reporter scott deveau, who broke the story. occidental says we don't think we need one. what carlentially icahn is trying to do is get four directors on the board of occidental, and in order to do so he has to go through this very convoluted process. he has to get a record date, and get shareholders to support his move to replace four directors. occi shares are barely moving. do they think you will have much success here? scott: the effect of the matter is that carl icahn is no wimp on these kind of things. i think he's probably going to be pretty aggressive on his criticisms of the company. i think he sees this as a poster child for poor corporate governance, and i think he's going to continue his attacks. vonnie: he had been agitating for this in the past, but he's stepping it up in particular now and making very detailed claims about the chairman, particularly as it relates to warren buffett's deal with occi. the $

. >> activist investor carl icahn onstepping up his attack occidental petroleum in his letter to shareholders, saying they rushed the deal to purchase anadarko in order to stop occidental from being taken over itself. >> essentially, what carl icahn is trying to do is get for board -- four board members on the board and he has to go through this convoluted process, he has to get a record date and get shareholders to support his effort to remove and replace four directors. >> this is a good example of somebody that goes in and does this deal in a panicked way over a very short period of time and spends billions of billions of billions of dollars of shareholders' money overpaying for it. i think there will be a day when we are very much needed on that board, because really, that board does not hold the ceo accountable and the chairman is not accountable, and i think the onirman has a lot of power the board, and i think they are both greatly at fault for the way they conducted this. >> softbank has announced it is launching a second vision fund, this time worth $108 billion. what do we know abou

. >>> and earning his title of activist, carl icahn launches a new front in his fight with occidental petroleum a busy hour still ahead when "worldwide exchange" retnsur fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right - by consolidating your credit card debt into one monthly payment. you can get your interest rate right - by locking in a fixed low rate today. and you can get your money right. with sofi. check your rate in 2 minutes or less. get a no-fee personal loan up to $100k. we carry flowers that signifyn why we want to end the disease. and we walk so that one day, there will be a white flower for alzheimer's first survivor. join the fight at alz.org/walk. >>> there's a live shot of the big apple, new york city, where it's about to get steamy and hot. heat watches and warnings in effect, not just for the city but across much of the nation. we'll get into that later. >>> welcome back good morning here's how your money and investments are sett

clean -- >> our friend carl icahn who i think loves plastic, by the way, i don't know, i assume he does. >> plastic bags. >> being banned in a lot of places >> he continues his fight at occidental, mr. icon, againk ict seat four directors. talked about it a number of times. he came with another letter. more and more, vicki howell, the ceo, not responding to him, letter for letter, word for word, he keeps going at that buffett deal the money that was brought in, that warren buffett got, the 8% on a $10 billion investment that allowed them to raise the cash portion enough so that they could actually avoid a shareholder vote, which might have been more difficult for them in terms of completing the anadarko deal. if hollub negotiated a deal, despite her limited experience in m&a and the board says mr. icahn was misguided enough to rubber stamp it, one might say it was the fiduciary duty to accept the deal. it was a deal that only mr. buffett could get given his endorsement being so important, of such importance and it was out yesterday >> let me ask you, they bring in -- are they bringing i

icahn that called for a special board meeting. straight ahead, anyone listening? google claimed defense after new outrage services over it's google home assistant. you'll want to hear this story then a dramatic drug bust. incredible video you havtoe see. this is the teaser here. worldwide exchange is back after this dear tech, let's talk. we have a pretty good relationship. you've done a lot of good for the world. but i feel like you have the potential to do so much more. can we build ai without bias? how do we bake security into everything we do? we need tech that helps people understand each other. that understands my business. we've got some work to do. and we need your help. we need your support. let's expect more from technology. let's put smart to work. ♪ ♪ my dbut now, i take used tometamucil every day.sh it traps and removes the waste that weighs me down, so i feel lighter. try metamucil, and begin to feel what lighter feels like. hey! i live on my own now! i've got xfinity, because i like to live life in the fast lane

so, there is room for people to get back in and create the environment like carl icahn used to talk about. >> i was literally thinking of that a de facto >> short like you're short. >> china discount of the stock >> sure. >> he priced it. the negative news. >> yes >> so, it's depressed for that reason >> absolutely. it's been that way for a while >> not just about tariffs. they have not been successful. >> you're telling me -- >> if it weren't for china right now in the dropoff >> 20% higher. >> yes >> even with the -- >> look at what we talked about. your math actually puts it at 240. that was really good >> already said that china was better >> no, that's not the issue. the issue is, are they going to be punitive. is china going to be punitive on apple and could apple eventually -- >> they need apple >> better is inest theterestint. even within the app store. >> hang on a second. i love where this is going just don't talk -- china needs apple's manufacturing business >> that can be true. >> it is true. >> which is also to say the market is wrongly negatively discounting it >> no, becaus

. >> carl icahn. >> carl was watching this show shaving, watching this show, shaving and he heard that. what is this that's ridiculous. he made his mind up that quickly. and actually thwarted the -- >> okay. we have another deal to talk about this morning yes, this is very interesting and deals with a competitor of ours, joe. the london stock exchange says it's now in talks to buy financial data firm refinitiv. the old thompson roitders would include debt blackstone bought a majority stake in refinitiv less than a year ago which valued the firm back then at $20 billion when i say it has to do with a competitor of ours it would put the london stock exchange directly into the line of sight with bloomberg. >> how much debt are we talking about? >> a lot. >> so it's not really worth that much we're hyping -- >> we're not hyping. >> you don't use transaction value. >> yeah, you are what is the debt actually in this we actual factor out the debt. >> enterprise value of the company includes the debt. >> we never use enterprise value when we talk about mergers. >> the total price which we can

carl icahn is challenging for four board seats he needs 20% of holders to allow him to move forward with a consent, it will take a little time the earliest he can deliver is august 29th, 60 day waiting period or 60 days have to expire before then he can try to present 50.1% of the shares in favor of his directors who he is putting up there two of them are his guys, one already serves on another board and one is a 71-year-old former shell executives curious to see how some of the proxy advisory services like iss will weigh in on that. this is not going to have any impact whatsoever on their ability to close the deal. they're going to close this deal in a couple of weeks. >> i know. the first time this has gone up is because of icahn, just down, down, down david, icahn has done a lot of work, i believe, also, in the buffett -- the high cost of money. >> he objected to the transaction, feels they should immediately try to sell the company itself it certainly is a distraction from management to be fighting with icahn >> direct attack on -- >> how likely it is that he's going to be able to ge

occidental is pushing back against carl icahn who wants to replace for members of the board. support stockholder's that isplan is not -- the bloomberg business flash. tom: right now, let's bring up a chart, this is an extraordinary chart, it is not logarithmic because it is negative interest rates. withis the german two-year massive persistency down, and the rollover you see right now. want to showhau, i how absurdly low these interest rates are. way, waybound is way, up here. we cannot continue this, can we? wolfgang: no, we can't. well, we can and we have seen what happened in japan. it is not healthy and something needs to be done. bankbility of the central on its own to lift this has severely limited. it will have to be -- tom: what is the immediacy for deutsche bank, commerzbank, and the finance system of germany? banks havehe german traditionally needed higher interest rates and they have been saying they need positive interest rates because their business model relies on this, what they are adjusting like everyone. i have never bought into the story that negative inter

. >>> other stocks to watch, carl icahn has filed a proxy statement seeking to replace four board members at occidental patrol yum petroleum >>> skechers surging today as second quarter results topped forecasts. the company saw big sales gains in india, china, mexico, the middle east, and strong demand for its women's, men's, sports and street wear lines. >>> coming up, want to hit this up and see what the market cap is microsoft -- >> it's the largest. >> headed for 1.1 with the "t. i hope in my lifetime i see it begin with a q, quadrillion. >> that will be a long time. >> maybe if you live to a really, really old age >> microsoft shares hitting new highs. we'll break down the company's report next. and then blackrock's ceo larry fink will join us to talk about the quarterly numbers, the markets and a lot more remember, he got some grief for saying i expect a melt-up before a meltdown >>> at 7:00 a.m., we'll be joined by marc lasry who owns the milwaukee bucks, and baseball superstar alex rodriguez, who has so much money and -- >> a big investor in real estate >> loaded. >> has some inte

icahn. icahn opposes the $38 billion deal that occidental proposed saying it was financially irresponsible. "the wall street journal" says icahn asked steven chasen to join his slate of board of nominee sources telling the paper chasen declined that request. told former ceo that he would join the board if it would help solve the dispute. icahn is said to have spoken both over the phone and continue to disagree over the anadarko deal occidental up 1%. >>> david einhorn out with a new letter to shareholders it begins with a new case study of chewy comparing it to pets.com those who think the 2000 bubble was the big kahuna, consider chewy. he didn't say he was betting against chewy which seemed to be the implication. his market value is 30 times pets.com he also thought -- >> he was short in that same letter he talked about something he was short in. >> i'm going -- now i'm sort of thinking back. i was actually thinking back right now to green mountain. remember when he was against green mounta