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