Oxy Will Sell 12 Million Shares of Canadian Unit’s Stock to Syndicate
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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.
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