Deals
Icahn Slams Occidental, Says Buffett Took CEO ‘to the Cleaners’
- Activist investor says Anadarko deal was defensive maneuver
- Latest salvo in Icahn’s quest to win Occidental board seats
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Occidental Petroleum Corp.’s leaders hastily put together its $38 billion deal for Anadarko Petroleum Corp. in a job-preserving bid to stave off a takeover itself, according to activist investor Carl Icahn.
Occidental Chief Executive Officer Vicki Hollub and Chairman Eugene Batchelder appear to have negotiated the "extremely risky" transaction because they were worried their oil and gas explorer was in the crosshairs of a potential buyer, Icahn said in a letter that will be sent to Occidental shareholders Monday.