Occidental is sued by shareholders, bondholders over Anadarko merger

Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying US$35.7 billion to acquire Anadarko Petroleum Corp.

The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired US$24.5 billion of Occidental bonds that helped fund the August 2019 merger.

As of Tuesday, Occidental's market value had dropped to US$13 billion from about US$44 billion when the merger closed. Some of Occidental's new bonds traded at between 60 and 90.5 cents on the dollar.Occidental spokeswoman Melissa Schoeb declined to comment. Bank of America, Citigroup, JPMorgan and Wells Fargo, which helped underwrite Occidental's bonds, were also sued for alleged inadequate due diligence.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Nissan and Renault shelve merger plans to repair their alliance: sourcesREUTERS: Renault and Nissan have shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their ...
Herkunft: ChannelNewsAsia - 🏆 6. / 66 Weiterlesen »

Nissan and Renault shelve merger plans to repair their allianceFRANCE: Renault and Nissan have shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their ...
Herkunft: ChannelNewsAsia - 🏆 6. / 66 Weiterlesen »

Prosecutors summon Samsung heir over merger, accounting probesSEOUL (BLOOMBERG) - South Korean prosecutors have summoned Samsung Electronics vice chairman Jay Y. Lee for questioning in an ongoing investigation into alleged accounting fraud and a controversial 2015 merger of two Samsung affiliates, dealing the latest legal blow to the country's largest corporation.. Read more at straitstimes.com.
Herkunft: The Straits Times - 🏆 8. / 63 Weiterlesen »

Renault and Nissan rule out merger as they unveil survival planRenault , Nissan Motor Co and Mitsubishi Motors Corp ruled out a merger on Wednesday and doubled down on a plan to cooperate more closely on car ...
Herkunft: ChannelNewsAsia - 🏆 6. / 66 Weiterlesen »