Activist investor Carl Icahn is calling on the leadership of Occidental Petroleum Corp. to reveal whether they were approached by any potential buyers prior to agreeing to acquire Anadarko Petroleum Corp. for $37 billion.
“Why did they decide to embark on this ill-advised bet that has already destroyed over $30 billion in stockholder value; and if oil continues its decline, we believe will jeopardize the dividend, leaving stockholders to suffer even more?” Icahn wrote in the letter, a copy of which was seen by Bloomberg News.Icahn nominated a slate of directors in November tothe entire Occidental board ahead of its annual general meeting, which hasn’t been scheduled yet.
He said the company should have walked away if they feared they wouldn’t win a shareholder vote. Rival bidder Chevron Corp.did just that, he said.
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