"If I don't think I can win a proxy fight and replace the board, I might sell more," Icahn told CNN Business during a phone interview.
Icahn is hardly the only one sounding the alarm about Occidental's balance sheet. All times are ET. However, the activist investor has stopped short of calling for Hollub to be removed, only saying this is something that should "potentially" be considered.
Energy investment bank Tudor, Pickering, Holt & Co. slapped a "sell" rating on Occidental on Monday because of worries about the company's "elevated" leverage. First, he believes Occidental took on more than it could swallow, forcing it to turn to billionaire Warren Buffett for help. At age 84, Carl Icahn (Trades, Portfolio) has seen all kinds of market environments come and go.He rose to prominence in the late 1970s as a "corporate raider," specializing in hostile takeovers and asset stripping of publicly listed businesses.
The billionaire is now signaling he might not be done selling. Occidental did not respond to a request for comment.
Icahn's primary investing vehicle is publicly traded Icahn Enterprises. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates.How coronavirus impacted this cruise line's Q2 earningsChildcare challenges force some working moms to put their careers on holdShe's out of work and facing eviction. I intend to closely follow the company's reorganization and I look forward to assessing different opportunities to support Hertz in the future.
The company recently fetched $3.9 billion by unloading Anadarko's liquefied natural gas properties in Mozambique. Carl Icahn is no stranger to risk-taking. He also had played a role in the revolving door at the top Hertz, with three new chief executives named during his six years of ownership, the most Most stock quote data provided by BATS.
In the army, they would be court-martialed."
Find out what's happening in the world as it unfolds.That final investment increased the size of Icahn's stake by 26%, giving him 39% of Hertz's shares. Netflix and invest with Carl Icahn Originally a service that mailed DVDs to customers, Netflix decided to focus solely on online streaming in 2011. Occidental is also seeking to raise $700 million by selling oil and gas properties in Wyoming and Colorado, In a letter to shareholders, Icahn warned of a fire sale at Occidental where the company's debt woes force it to accept bids that undervalue its assets. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes.
All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Occidental may not be done raising cash by auctioning off Anadarko assets. Billionaire activist investor Carl Icahn discusses investment strategy, his short of the derivatives index CMBX 6, and his refiner CVR Energy’s large-scale purchase of oil on Monday. She's not aloneThis AI technology tracks employees to enforce social distancingCovid-19 is driving millennials out of cities and into first homesShe lost her job in 2008. All rights reserved.
With the stock now at $23.34 per share, Icahn's interest in acquiring the company could be waning; and this could end up being just another well-timed, successful investment for Icahn. Find out what's happening in the world as it unfolds.Last week, Icahn disclosed he has sold a third of his stake in Occidental because of worries about the company's balance sheet. Factset: FactSet Research Systems Inc.2018. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. "Owning this company, and being at the mercy of a board and CEO who have already shown they are willing to take inordinate risks and gamble stockholders money to further their own agendas, is extremely dangerous for an investor," Icahn told CNN Business. Billionaire investor Carl Icahn recently piled into a bet against malls and could profit more than $400 million if shopping center owners can't pay off debt, The Wall Street Journal reported Tuesday.
"They grossly overpaid for Anadarko and have risked the company and stockholders' money. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. "I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company.
CEO on this 'time of turbulence' Discover the top companies wherein Carl Icahn is currently investing in and his sector weightings. Disclaimer. But even the legendary investor is uncomfortable with his exposure to Occidental Petroleum's giant pile of debt.
Factset: FactSet Research Systems Inc.2018.
"Hertz split into two companies in June 2016: the car rental business and a separate business that handles equipment rentals, After the two companies split, Icahn continued to invest in Hertz. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. However, Occidental CEO Vicki Hollub has repeatedly defended the Anadarko deal as a smart way to gain scale in America's shale oil boom, particularly the Hollub has vowed to rapidly repair Occidental's balance sheet, including by raising $10 billion to $15 billion through asset sales.
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