Oxy Will Sell 12 Million Shares of Canadian Unit’s Stock to Syndicate
Canadian Occidental Petroleum Ltd. said Wednesday that its parent, Occidental Petroleum Corp., would sell up to half of its Canadian Occidental stock to a Canadian syndicate.
Canadian Occidental filed a preliminary prospectus for the sale of 12 million common shares held by its parent to a syndicate led by RBC Dominion Securities, Canadian Occidental of Calgary said in a news release.
The syndicate was given the option--through the close of business Wednesday--of buying an additional 4 million shares.
The sale of 12 million common shares would reduce Los Angeles-based Occidental’s ownership in Canadian Occidental from 48% to 30%. If the syndicate exercises its option, Occidental’s ownership would drop to 24%.
The shares are being sold as part of Occidental Petroleum’s $3-billion debt restructuring program begun by Chairman and Chief Executive Ray Irani.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
