Kluge Buys $24 Million in Oxy Shares
Occidental Petroleum Corp. director John Kluge, the billionaire who heads Metromedia International Group Inc., bought $24 million in Oxy stock in early December just as the shares approached an 11-month low. His purchases of 1 million shares at about $24 each give him 0.31%, or 1.02 million shares, of the L.A. company’s stock. Ahead of him is Chairman Ray Irani, who has about 1.6 million shares. Oxy shares rose 12.5 cents Wednesday to close at $26.25 on the NYSE.
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