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Occidental Petroleum CEO defends premium for Berkshire Hathaway investment

Published 10/05/2019, 16:15
Updated 10/05/2019, 16:20
© Reuters. FILE PHOTO: Vicki Hollub, President and CEO of Occidental Petroleum, speaks at the 2019 Milken Institute Global Conference in Beverly Hills
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HOUSTON (Reuters) - Occidental Petroleum Corp (NYSE:OXY) Chief Executive Officer Vicki Hollub on Friday defended the company's deal with Berkshire Hathaway (NYSE:BRKa) Inc's Warren Buffett that paved the way to winning its $38 billion (29.20 billion pounds) acquisition of Anadarko Petroleum Corp (NYSE:APC).

© Reuters. FILE PHOTO: Vicki Hollub, President and CEO of Occidental Petroleum, speaks at the 2019 Milken Institute Global Conference in Beverly Hills

Hollub told shareholders at the company's annual meeting that with the sale of preferred shares, "timing was critical." Occidental investors criticized the investment as overly expensive because of its 8 percent annual dividend.

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