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APC - Occidental Major Developments: Africa Pre-Sale And Icahn
Anadarko Petroleum Corporation
Occidental Petroleum (OXY) senior executives have been busy securing funding since they made a public $76/share, $57 billion bid for Anadarko (APC), topping Chevron's (CVX) bid. After securing a $10 billion preferred funding commitment from Warren Buffett's Berkshire Hathaway (BRK.B), OXY has now announced the contingent sale to Total (TOT) of Anadarko's African assets for $8.8 billion. But OXY shareholders are restless, with T. Rowe Price opposed to the deal and Icahn recently building a position and insisting on a shareholder vote.