'The Buffett deal was like taking candy from a baby and amazingly she even thanked him publicly for it!” says Carl Icahn in a scathing open letter to Occidental shareholders.
Safe to say, Carl Icahn is not a fan of Occidental Petroleum Corp.’s $38 billion deal to buy Anadarko Petroleum Corp.
“Buffett figuratively took her to the cleaners. . . . The Buffett deal was like taking candy from a baby and amazingly she even thanked him publicly for it!” Carl Icahn In May, Occidental OXY, +0.34% announced the deal for Anadarko APC, +0.35% , outbidding Chevron Corp. CVX, +0.22% . The deal included $10 billion in financing from Buffett’s Berkshire Hathaway Inc. BRK.B, -0.55%
Icahn has argued that the acquisition hugely overvalues Anadarko, was hastily put together and is extremely risky for shareholders. Icahn owns a stake in Occidental worth about $1.7 billion. He’s launched a proxy fight against the oil company and is seeking to replace four directors.
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