Carl Icahn Boosts His Occidental Petroleum Stake Up to 10%
Carl Icahn has increased his stake in oil giant Occidental Petroleum (NYSE: OXY) from 2.5% to 10%, according to a report by the Wall Street Journal. The activist investor made the move as the oil giant's shares cratered this week following a historic crash in oil prices.
Icahn has been highly critical of Occidental Petroleum's management team because of how they handled the $55 billion acquisition of Anadarko Petroleum. The company structured the highly controversial transaction so that it didn't need to obtain shareholder approval. That resulted in it taking on a significant amount of debt, which is putting intense pressure on its balance sheet now that crude prices have cratered.
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Source Fool.com
