Icahn slams Oxy’s ‘fundamentally misguided’ buy of Anadarko

Activist investor Carl Icahn is suing oil company Occidental over what he feels is a ‘fundamentally misguided’ deal to buy Anadarko Petroleum. He has slammed the management for “bet-the-company” acquisition for a ‘sky-high’ price and feels Oxy should’ve put itself up for sale instead.

As previously reported, Oxy in May reached a deal to buy rival Anadarko Petroleum in a deal worth $38 billion, squeezing out Chevron from the race. Chevron did get a consolation prize in the form of $1 billion breakoff fee from Anadarko, under the terms sealed before Oxy has announced its offer.

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