Carl Ichan increases stake in Occidental Petroleum by 10%

Activist investor Carl Icahn says he sees ‘Strong Bids’ emerging for Occidental Petroleum and has increased his stake to almost 10%.



“At that time, we will need a board that will encourage, not discourage, potential bids, and who will allow shareholders to decide whether or not to accept them.”
Carl Icahn, Icahn Enterprises Founder and CEO

Occidental shares rose as much as 23% following the announcement on Thursday after dropping 20%. Icahn is now one of the largest shareholders in the company and is looking to replace the board after they constructed a £37B acquisition of Anadarko last year that Icahn claims has destroyed $47B in shareholder value. A Mizuho analyst speculated that Warren Buffet could emerge as a buyer after investing $10B in last year’s deal.


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