Share prices of global energy exploration and production company Occidental Petroleum (OXY, Financial) fell as the firm pursued a debt-fueled takeover of Anadarko Petroleum. The market balked not only at the valuation and strategic rationale for the deal, but also at the way Occidental Petroleum financed the transaction seemingly to avoid a shareholder vote.
From T Rowe Price Equity Income Fund (Trades, Portfolio)'s 2019 annual shareholder letter.
