Citigroup selling Phibro to Occidental

Occidental, an oil and gas exploration and production company, said its net investment in Phibro would be about $250 million.

Phibro’s management team, headed by Andrew Hall, and its employees will remain with the company after closing, expected by year-end.

Phibro has been a subject of controversy because of Hall’s large pay package. He was contractually entitled to a 2009 pay package that could be worth $100 million.

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