To Spite Icahn, Occidental Swallows a Poison Pill
Activist investor Carl Icahn has a vested interest in the success of Occidental Petroleum (NYSE: OXY). In fact, as of Thursday, he has four times the interest he used to have, after upping his stake in the company to 10%.
But Occidental Petroleum wishes it were otherwise.
In a move calculated to fend off criticism from Icahn, who alleges that the company's $37 billion acquisition of Anadarko Petroleum in 2019 has "destroyed over $30 billion in stockholder value," on Friday Occidental adopted a "limited duration stockholder rights plan."
Source Fool.com
