Carl Icahn slams Occidental, says Buffett took CEO 'to the cleaners' [Business News Network (BNN) Energy & Resources (Canada)]
ANADARKO PETROLEUM (APC)
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Source: Business News Network
Carl Icahn slams Occidental, says Buffett took CEO 'to the cleaners' Occidental Petroleum Corp.’s leaders hastily put together its US$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. "I do believe that Hollub and Batchelder know what’s good for them and their personal agendas but do not particularly care what’s good for shareholders," Icahn said in the letter, a copy of which was reviewed by Bloomberg. "With [Occidental] weakened and doing poorly, Hollub and Batchelder were fearful there would be a bid for the company which shareholders would accept." The letter is Icahn’s latest salvo
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