Deals
Carl Icahn Boosts Stake in Occidental to 10% Following Stock Plunge
- Oil producer drops 56% this week, cuts dividend amid oil rout
- Activist renews attack on Occidental board over Anadarko deal
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Activist investor Carl Icahn has boosted his stake in Occidental Petroleum Corp. after the oil producer slumped this week amid a rout in oil prices and made one of his predictions come true by cutting its dividend.
Icahn now owns roughly 10% of the company, up from 2.5% previously, and continues in his push to replace its board. The billionaire investor has been critical of the company’s leadership, in particular Chief Executive Officer Vicki Hollub, for the takeover of Anadarko Petroleum Corp. and the $10 billion in pricey financing the company took from Warren Buffett to get the deal done.