Activist investor Carl Icahn is increasing the pressure at Occidental Petroleum. In a letter to shareholders, Icahn expressed his dissatisfaction with the company’s policy. For example, he disagrees with the decision to incorporate industry colleague Anadarko Petroleum for $ 38 billion.
According to Icahn, Occidental is taking too much risk with the Anadarko deal. The investor also sold a significant portion of his shares. Of the 33 million shares he owned, accounting for a 3.7 percent stake, he still has 23 million. The remaining interest in Occidental is worth around 900 million dollars.
Icahn also distrusts the current board, which he believes wants to grow at the expense of shareholders. At the next shareholders’ meeting, he hopes for sufficient support to change the course of Occidental.
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