By Jennifer Hiller
HOUSTON (Reuters) - Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's
Icahn has opposed the deal as "hugely overpriced" and a misplaced bet-the-company gamble on oil prices rising, and urged Occidental's board to instead put the company on the market.
Icahn sold 10 million shares and now holds 23 million shares, valued around $900 million, he said. He had owned a $1.6 billion stake in Occidental as of May 30.
Occidental bought rival Anadarko in August for $38 billion despite investor opposition to the deal, which did not go to an Occidental shareholder vote for approval.
Occidental did not respond immediately to a request for comment.
Icahn wants to replace board members, have the company accelerate asset sales, and in court is seeking documents related to the deal.
A letter to a Delaware judge earlier this week said he wants to know, "whether the actions of the directors and management were just serious mistakes or whether they represented knowing intentional breaches of fiduciary duty similar to those seen with Enron, Worldcom and other failed companies."
(Reporting by Jennifer Hiller, Editing by Franklin Paul and Andrea Ricci)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Updated Date: Nov 09, 2019 00:06:51 IST