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Occidental May Sell Stake in Canadian Firm

July 29, 1999|Bloomberg News

Occidental Petroleum Corp., which explores for oil and natural gas and makes chemicals, said it's considering selling its stake in Canadian Occidental Petroleum Ltd., one of Canada's largest oil producers. Occidental owns 40.2 million shares, or about 29% of the outstanding common stock of Canadian Occidental. Its stake is valued at $769 million, based on Wednesday's closing share price of $19.16. Occidental has filed reports with the Securities and Exchange Commission and with Canadian securities administrators saying it's reviewing all options to maximize the value of its stake for shareholders, the company said. Los Angeles-based Occidental said those options could result in a change in its investment in the Canadian unit. Earlier this week, Canadian Occidental reported its first quarterly profit since the fourth quarter of 1997. Canadian Oxy shares rose 72 cents to close at $19.16; Occidental shares fell 13 cents to close at $19.63 on the NYSE.

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