Occidental offers to buy Anadarko in $57-billion deal, topping Chevron GlobeBusiness
Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017.Oil and gas producer Occidental Petroleum Corp. sought to scuttle Chevron Corp’s $50-billion takeover of Anadarko Petroleum Corp. with a $57-billion bid.
A deal would make Occidental the largest producer in the lucrative Permian shale basin, with total production of 533,000 barrels of oil equivalent production per day, the company said. Occidental’s $76 per share offer comprises $38 in cash and 0.6094 of its shares. The offer represents a premium of 19 per cent to Anadarko’s closing price on Tuesday and 62 per cent to the closing price on April 11, the day before Chevron made its bid.Under Chevron’s bid, Anadarko shareholders are set to receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.
Occidental expects the deal to add to cash-flow and free cash flow in the first year, and deliver $2-billion of annual cost synergies and $1.5-billion of annual capital reductions.Shares of Anadarko were up about 10 per cent at $70.30 premarket, while Occidental was trading down 4.5 per cent at $59.55. Chevron’s shares fell 0.5 per cent after the announcement.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon.
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