Anadarko Confirms Occidental Deal -- Update
10 May 2019 - 09:22AM
Dow Jones News
By Josh Beckerman
Anadarko Petroleum Corp. (APC) has agreed to be sold to
Occidental Petroleum Corp. (OXY), a move that was expected after
Chevron Corp. (CVX) dropped out of a bidding war.
Occidental will pay $59 in cash and 0.2934 of an Occidental
share for each Anadarko share.
Chevron had agreed on April 12 to purchase Anadarko for about
$33 billion, but Occidental offered $38 billion on April 24 and
then boosted the cash portion of its offer on Sunday.
Anadarko said the sale is expected to close in the second half
of the year.
Occidental has obtained committed financing for the entire cash
portion.
--Bradley Olson and Christopher M. Matthews contributed to this
article.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 09, 2019 19:07 ET (23:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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