Activist Carl Icahn said to sell remaining stake in Occidental Petroleum (NYSE:OXY)

Billionaire activist buyers Carl Icahn is claimed to have bought his remaining stake in oil producer Occidental Petroleum (NYSE:OXY) after having owned it for nearly three years.

Icahn, who had been trimming his as soon as 10% stake within the firm in current says, bought the final of it, in line with a WSJ report, which cited a letter he mentioned to the board on Sunday. Icahn’s two remaining representatives on the OXY board are additionally stepping down.

The information comes after Warren Buffet’s Berkshire Hathaway (NYSE:BRK.B) disclosed on Friday that he had collected a $5B stake in Occidental (OXY). Berkshire Hathaway owns 91M shares, or a couple of 10% stake in Occidental Petroleum (OXY), in line with the most recent filings from Friday.

Icahn initially took a stake in Occidental Petroleum (OXY) within the spring of 2019 after the corporate agreed to a $38B buy of Anadarko, strongly criticizing the deal and OXY CEO Vicki Hollub. In late Might of 2019, he sued OXY and he was vital of the OXY most popular shares that Berkshire Hathaway obtained for offering $10B in financing for the Anadarko deal.

Icahn additionally threatened a proxy battle with oil large, although he later reached an settlement in March 2020 so as to add three new Icahn designated administrators to the corporate’s board. Occidental (OXY) additionally appointed former CEO Stephen Chazen as chairman as an try to mollify the activist investor. Icahn disclosed final March that he deliberate to chop his $3B stake by a 3rd.

“Whereas we actually had our disagreements with Vicki Hollub regarding M&A, we thank her for utilizing her well-honed working expertise and resiliency so effectively in Occidental’s darkest hours,” Icahn wrote within the letter to the board, in line with the WSJ. “We imagine our relationship with Occidental turned out to be activism at its finest.”

Occidental Petroleum (OXY) shares soared this week, skyrocketing 45%, together with an 18% % soar on Friday, as crude oil rose to $115 a barrel amid the Russian invasion into Ukraine.

JPMorgan earlier this week mentioned that crude might hit $185 if the Russian self sanctioning continues and Bloomberg reported on Friday that Biden administration is contemplating a ban on U.S. imports of Russian crude oil.