Carl Icahn Boosts Occidental Stake to Almost 10% as Shares Plummet
Billionaire shareholder activist has criticized $38 billion acquisition of Anadarko
Carl Icahn is seeking to replace Occidental’s entire board.
By Cara Lombardo
Updated March 11, 2020 7:49 pm ET
Carl Icahn has doubled down on a fight to take control of Occidental Petroleum Corp., OXY -17.71% buying up more shares of the embattled oil-and-gas producer in recent days as its stock price plummets.
The billionaire shareholder activist now owns almost 10% of Occidental, he said in an interview Wednesday. He held a roughly 2.5% stake as of the end of last year.
For almost a year, Mr. Icahn has been loudly criticizing Occidental’s $38 billion acquisition of Anadarko Petroleum Corp. and campaigning for the ouster of Chief Executive Vicki Hollub, the main architect of the deal. Occidental outbid its much-larger rival Chevron Corp., relying on $10 billion of pricey financing from another octogenarian billionaire investor, Warren Buffett.
The market is very predictable if you assign the huge dips to the hugely funded shorting going on...every time it recovers, it goes back down...there is NO WAY that kind of selling negativity is still going on. The shorts are responsible.