Order ID 6463784949 Type Essay Writer Level Masters Style APA/MLA/Harvard/Chicago Sources/References 6 Number of Pages 5-10 Pages Description/Paper Instructions
- Why has Carl Icahn come out against Occidental’s management and board?
- Icahn held a roughly 2.5% stake in Occidental as of end-2019, has previously criticized its $38 billion deal for rival Anadarko Petroleum as a misplaced bet on oil prices rising, and has promised a proxy fight to win control of the company.
- He called it “one of the worst deals” he has ever seen. This did not help the performance of shares either. The legendary investor is a critic of the agreement that Occidental management entered in order to get $10 billion in financing from Berkshire Hathaway as well. In a letter to shareholders in July, Icahn made the below comments about this deal:
- “Buffett figuratively took her (Vicki Hollub, CEO of Occidental Petroleum) to the cleanest. The Buffett deal was like taking candy from a baby and amazingly she even thanked him publicly for it! But you can’t blame Warren, if Hollub was arrogant enough to negotiate a deal with Buffett of this magnitude despite her admittedly limited experience in M&A and the Board enough to rubber stamp it, then one might say in Warren’s defense that it was almost his fiduciary duty to Berkshire Hathaway to accept it.”
- What is your analysis of this acquisition?
- . Overpaid by a lot
- Hated by Carl Icahn + Wall Street
- Anadarko should have been acquired by Chevron
- Financial plan with BH undervalued the deal
- .BH took advantage of Occidental in the deal
- What recommendations do you have for Occidental for the next several years?
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