-Activist investor Carl Icahn exited a bet on Occidental Petroleum Corp, selling the last of what was once a roughly 10% stake in the oil-and-gas producer, the Wall Street Journal reported https://www.wsj.com/articles/carl-icahn-exits-occidental-petroleum-after-nearly-three-years-11646596800?mod=latest_headlines on Sunday, citing a letter he sent to Occidental’s board on Sunday.
Icahn, who had been cutting the position, in recent days sold the remainder of it, the report said, adding the activist investor’s two representatives on Occidental’s board are also resigning.
A representative for Icahn Enterprises confirmed the WSJ story but did not provide a copy of the letter to Reuters, citing confidentiality.
Icahn has been waging a bitter battle with Occidental’s board over its $38 billion acquisition of Anadarko Petroleum since 2019, calling it a misplaced bet based on expectations of higher oil prices.
Occidental Petroleum did not immediately respond to Reuters request for comment.
(Reporting by Akriti Sharma and Akanksha Khushi in BengaluruEditing by Chris Reese)
