Occidental Seeks OK to Sell 20 Million Shares
<i> United Press International</i>
Los Angeles-based Occidental Petroleum Corp. sought government approval today for the public sale of an additional 20 million shares of common stock to reduce the company’s long-term debt, up about $1 billion in the last year.
The sale of the stock, which has been trading near $30 a share, would raise almost $600 million. Following the announcement, the price of Occidental stock dropped $1 to $28.25 a share in midday trading on the New York Stock Exchange.
