Commodities
Dunn’s CrownRock Seeks $1.7 Billion in Occidental Share Sale
This article is for subscribers only.
CrownRock Holdings, owned in part by Texas oil tycoon Tim Dunn, is seeking to raise as much as $1.7 billion from the sale of a stake in Occidental Petroleum Corp., according to people familiar with the matter.
CrownRock is selling 29.6 million Occidental shares, according to a statement Monday. The pricing would represent a discount of as much as 1.2% to Monday’s close of $58.98 apiece, according to Bloomberg calculations. Occidental shares fell as much as 1.2% after the close of regular trading in New York.