Key Words: Warren Buffett took Occidental CEO ‘to the cleaners,’ says Carl Icahn [MarketWatch]
ANADARKO PETROLEUM (APC)
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Source: MarketWatch
Warren Buffett took Occidental CEO ‘to the cleaners,’ says Carl Icahn Safe to say, Carl Icahn is not a fan of Occidental Petroleum Corp.’s $38 billion deal to buy Anadarko Petroleum Corp. In a scathing open letter to Occidental shareholders Monday, the billionaire activist investor said Chief Executive Vicki Hollub got ripped off by Warren Buffett. In May , Occidental OXY, +0.34% announced the deal for Anadarko APC, +0.35% , outbidding Chevron Corp. CVX, +0.22% . The deal included $10 billion in financing from Buffett’s Berkshire Hathaway Inc. BRK.B, -0.55% Buffett will receive 100,000 shares of preferred stock with a liquidation value of $100,000 per share, together with a warrant to purchase up to 80 million shares of Occidental common stock worth about $1.2 billion as part of the deal. Icahn has argued that the acquisition hugely overvalues Anadarko, was hastily put together and is extremely risky for shareholders. Icahn owns a stake in Occidental worth about $1.7 bi
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