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Activist investor Carl Icahn exits Occidental Petroleum after nearly three years -WSJ

Published 03/06/2022, 03:19 PM
Updated 03/06/2022, 05:15 PM
© Reuters. FILE PHOTO: Billionaire activist investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid

(Reuters) -Activist investor Carl Icahn exited a bet on Occidental Petroleum Corp (NYSE:OXY), selling the last of what was once a roughly 10% stake in the oil-and-gas producer, the Wall Street Journal reported https://www.wsj.com/articles/carl-icahn-exits-occidental-petroleum-after-nearly-three-years-11646596800?mod=latest_headlines on Sunday, citing a letter he sent to Occidental's board on Sunday.

Icahn, who had been cutting the position, in recent days sold the remainder of it, the report said, adding the activist investor's two representatives on Occidental's board are also resigning.

A representative for Icahn Enterprises confirmed the WSJ story but did not provide a copy of the letter to Reuters, citing confidentiality.

Icahn has been waging a bitter battle with Occidental's board over its $38 billion acquisition of Anadarko Petroleum (NYSE:APC) since 2019, calling it a misplaced bet based on expectations of higher oil prices.

Occidental Petroleum did not immediately respond to Reuters request for comment.

Latest comments

Can’t wait for amazon down to $1 a share
the rats run out before the ship sink, Oxy is a skeleton of company. after they gut it out and promoted it  he ran away with the money.....What an activist
he doesn't know. buffet is coming in that's why he is leaving. who cares barrel just hit 130 we are flying tomorrow
he doesn't know. buffet is coming in that's why he is leaving. who cares barrel just hit 130 we are flying tomorrow
Time to sell the oil stocks folks.Carl is a good man and is the real deal. His timing is always impeccable.
buffet just bought this stock so what does that tell you? oil isn't coming down anytime soon. most companies learned to make profits when oil was trading at $30 a barrel.
Time to sell oil stocks folks. Carl is a good man and his the real deal. His timing is always impeccable.
lol selling circuit ?
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