Occidental to acquire Anadarko
Anadarko Petroleum Corp. has terminated its merger agreement with Chevron Corp. and has entered into a definitive merger agreement with Occidental Petroleum Corp.
Under this agreement, Occidental will acquire all of the outstanding shares of Anadarko for consideration consisting of $59.00 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock, in a transaction valued at $57 billion.
The transaction is expected to close in the second half of 2019, subject to approval by Anadarko shareholders, regulatory approvals, and other customary closing conditions.
Occidental has obtained committed financing for the entire cash portion of the aggregate transaction, and completion of the transaction will not require or be conditioned upon the receipt of any vote or other approval by Occidental’s stockholders.
In addition, Anadarko has paid a termination fee of $1 billion to Chevron.