Icahn’s representatives on Occidental Petroleum to step down

Icahn, who once held a nearly 10% stake in Occidental, has been waging a bitter battle over the producer’s $38 billion buyout of Anadarko Petroleum in 2019, calling it a misplaced bet based on expectations of higher oil prices.

The billionaire investor, who had been cutting his position, in recent days sold the remainder of it.

Icahn representatives Andrew Langham and Gary Hu will resign immediately, according to an Occidental filing on Monday.

Houston-based Occidental last month boosted its dividend and authorized a $3 billion share repurchase program, saying it expects its debt to be below $25 billion by the first quarter.