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Why Carl Icahn dumped $ 400 million into Occidental Petroleum Stock



Investor Carl Icahn cut its significant holdings of Occidental Petroleum in escalating tensions between Oxy and Icahn over Oxy's acquisition of Anadarko Petroleum, according to the activist investor's website, quoting an open latter to Oxy shareholders on Friday. [19659002] Icahn dumps one-third of his stock, or 10 million, leaving Icahn with 23 million shares valued at $ 900 million. As of May, Icahn had $ 1.6 billion in Occidental, or 4.4% of the company.

But Icahn has commented on Occidental's $ 38 billion purchase of Anadarko in August – a purchase made without shareholder approval. In the days that followed, Icahn tried to seat 4 members of Oxy's board and said they had made mistakes in how it bought Anadarko and how much it paid for it.

“Icahn participants believe that the company's current directors have made a number of mistakes in how and at what price they pursued the Anadarko transaction. In addition to agreeing on costly financing, the company also structured the Anadarko transaction in a way that deprived its shareholders of the right to vote on the transformative Anadarko transaction, ”Icahn said in the filing with the SEC, adding that the deal was high risk.

"In my opinion, Oxy's acquisition of Anadarko is nothing more than a massive $ 57 billion effort on the oil price ̵

1; and the effort is failing." Icahn's letter to investors partially read. [19659002] Icahn has accused certain directors of buying Anadarko for the sole purpose of protecting Occidental from being a takeover target. Icahn has pledged to launch a proxy fight against Occidental's board sometime in 2020.

Occidental's stock price has lost a lot of ground this year, reaching a 14-year low on Thursday, but turned up Friday on news of Icahn's share air. It was not mentioned how much Icahn lost on his disposal.

By Julianne Geiger for Oilprice.com

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