• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 2 mins Joe Biden's Presidency
  • 2 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 12 mins So Is COVID a Media Hoax or Not?
  • 1 hour The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 4 hours Parler’s New Partner Has Ties to the Russian Government
  • 16 hours a In 2020, we produced and delivered half a million cars.
  • 4 hours JACK MA versus Xi Jinping
  • 2 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 7 hours Thanks to food countersanctiona after 2014 Russia become net exporter of food
  • 2 hours Minerals, Mining and Industrial Ecology
  • 16 hours Did I Miss Something?
  • 20 hours The Debate Starts : Remake Republican Party vs. Third Party
  • 20 hours Deceptions Revealed about the “Nord Stream 2 Pipeline” and Germany

Billionaire Investor Icahn Rekindles Battle With Occidental Board

Billionaire activist investor Carl Icahn wants to know if Occidental was approached with a takeover offer from a potential buyer before forging the US$55-billion acquisition of Anadarko, which Icahn has been criticizing since the very beginning.

In a letter to Occidental’s shareholders sent on Wednesday and seen by Bloomberg News, Icahn says that he believes Oxy’s top management moved to buy Anadarko as a “defensive maneuver” against a potential takeover of Oxy itself.

By buying Anadarko, Oxy completed one of the industry’s largest acquisitions last year, and it also took on a lot of debt in the transaction.

Icahn, who holds 3 percent in Occidental, has been a vocal opponent of the Anadarko acquisition, and has criticized Oxy’s top management for embarking on this “ill-advised” deal.

Last November, Icahn revealed that he had slashed his stake in Occidental, and sought to change the board of directors at Oxy.

In a letter to shareholders in November 2019, Icahn said:

“In our view, the Oxy/Anadarko merger made no sense for stockholders, but perhaps it made sense for Vicki Hollub, OXY’s President and CEO, and certain Board members who, we believe, were concerned that OXY would be a takeover target, and therefore grossly overpaid to acquire Anadarko in order to protect themselves and their jobs.”

Reducing his stake in Oxy, Icahn said in November, “I have no faith in Hollub or her Board, and even though I do believe that OXY owns good assets, I draw the line at exposing more than $1 billion to a CEO and Board who, in my view, have gambled the Company to further their own agendas – all at the expense of stockholders.”

Referring to the Anadarko deal, Icahn argues in his latest letter to shareholders on Wednesday—as carried by Bloomberg—that “You don’t have to be Sherlock Holmes to realize that these actions point to the fact that Hollub and Batchelder are hiding something important, such as the possibility of an acquirer.”

The investor urged Occidental’s top management to publicly state whether the company was a takeover target before agreeing to the Anadarko deal.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News