Billionaire investor Carl Icahn is furious over the generous terms Warren Buffett received when he came to the aid of Occidental Petroleum's bidding war with Chevron
Buffett's Berkshire Hathaway agreed in late April to provide $10 billion in equity financing to add firepower to Occidental's controversial hostile takeover offer for Anadarko Petroleum . "The whole thing is a travesty," Icahn, who is launching an increasingly-contentious proxy war to replace four Occidental directors, told CNN Business.Buffett's backing allowed Occidental to sweeten its bid, eventually forcing much larger Chevron to retreat from the bidding war altogether.
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."Icahn's board slate includes former Jarden finance chief Alan LeFevre, former Shell Oil Company president John Hofmeister and two of his firm's executives.
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