Occidental makes offer for Anadarko

Occidental Petroleum Corp. has offered to buy Anadarko Petroleum Corp. for $76.00 per share in a 50-50 cash and stock transaction valued at $57 billion.

Offshore staff

HOUSTON – Occidental Petroleum Corp. has offered to buy Anadarko Petroleum Corp. for $76.00 per share in a 50-50 cash and stock transaction valued at $57 billion.

Under the proposal, Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock. Occidental’s proposal represents a premium of approximately 20% to the value ofAnadarko’s pending transaction with Chevron as of April 23, 2019.

Occidental President and CEO Vicki Hollub said: “Occidental and Anadarko have a highly complementary asset portfolio, providing us with a unique opportunity to realize significant operating, cost, and capital allocation synergies and achieve near-term cash flow accretion.”

She added: “We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them. We look forward to engaging immediately with Anadarko’s board and stakeholders to deliver this superior transaction.”

In its letter to the Anadarko board of directors, Occidental revealed it has made three acquisition proposals since late March.

04/24/2019

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