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Sign in. Construction of pipelines over the next two years should allow oil companies to increase production in the Permian even further. Partner with keen cost-cutters Associated Cotton Shops. Learn more and compare subscriptions. Benjamin Graham. Be aware that in business there is the Institutional Imperative: The tendency of executives to mindlessly imitate the behaviour of their peers, no matter how foolish it may be to do so.
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Buffett's backing allowed Occidental to sweeten its bid , eventually forcing much larger Chevron CVX to retreat from the bidding war altogether. Icahn, a fierce critic of the Anadarko acquisition , took particular issue with the decision by Occidental CEO Vicki Hollub to grant Buffett warrants to purchase up to 80 million shares of common stock.
However, the activist investor made clear he is not criticizing Buffett for the deal. Carl Icahn declares war over huge oil takeover. Buffett's Berkshire Hathaway did not respond to a request for comment.
Occidental declined to comment, but the company has previously explained that it didn't have the luxury of waiting to get the funds it needed from Berkshire. Occidental fired off its own sharply worded letter on Monday urging shareholders to reject Icahn's effort to replace four directors, including Chairman Eugene Batchelder. Occidental defended its acquisition of Anadarko -- a deal aimed at expanding the oil giant's presence in the booming Permian Basin of West Texas.
Icahn's own statements demonstrate that he does not understand or support the strategic and financial merits of the acquisition," Hollub and Batchelder wrote in the letter. The executives warned that Icahn's nominees for the board would "interfere" with Occidental's ability to successfully integrate Anadarko's "valuable assets and deliver on the promise of this acquisition at this critical juncture. Occidental argued in the letter that "none" of Icahn's proposed directors "possess skills, experience or expertise that are additive or superior to our existing directors.
Still, some large Occidental shareholders and analysts have echoed Icahn's concerns about the structuring of the Anadarko acquisition.
While Occidental has championed the Anadarko deal as a smart way to capitalize on the US shale oil boom, Icahn fears the acquisition is too risky. He points to the volatile nature of oil prices and the added leverage Occidental had to take on to get its hands on Anadarko.