Hammer Disregards Speculation: Occidental Petroleum’s 91-year-old chairman,...

Hammer Disregards Speculation: Occidental Petroleum’s 91-year-old chairman, Armand Hammer, has dismissed rumors that the Los Angeles-based firm might become a takeover target upon his retirement or death, a company spokesman said. Such speculation had driven the stock up on reports of Hammer’s hospitalization for insertion of a heart pacemaker last week, and the stock closed up $1.50 at $30.125 Wednesday. Separately, the spokesman confirmed that Occidental rejected two offers for its 51% stake in beef processor IBP Inc. earlier this year and has no plans to sell its stake. The Dow Jones Professional Investor Report estimated that one offer was about $1 billion.