Activist investor Carl Icahn sells nearly a third of his Occidental Petroleum stake
By Jennifer Hiller HOUSTON (Reuters) - Activist investor Carl Icahn, who has been waging a bitter battle against Occidental Petroleum Corp's board over its $38 billion (£29.76 billion) acquisition of Anadarko Petroleum, cut his holdings in the oil and gas producer by nearly a third, according to an open letter to shareholders he released Friday. 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
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.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.