General News | Deals - Acquisition, Mergers, Divestitures
Oxy Sweetens Merger Offer for Anadarko; Over 23% Premium to Chevron Offer
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Occidental Petroleum has sent a revised offer to Anadarko Petroleum, upping the ante in its quest to woo Anadarko from its pending merger with Chevron. Oxy's latest offer proposes that Oxy acquire Anadarko for $76.00 per share comprised of $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock.
This is in addition to the company's newly announced agreement with Total regarding Anadarko's international assets as well as Warren Buffett's proposed $10B investment should a deal be reached.
The revised proposal, which has been unanimously approved by the Occidental Board of Directors, represents a premium of approximately 23.3% to the $61.62 per share value of Chevron's pending offer as of market close on May 3, 2019.
Oxy CEO Vicki Hollub said: "We firmly believe that Occidental is uniquely positioned to drive significant value and growth from Anadarko's highly complementary asset portfolio. This combination will create a global energy leader with the scale and geographic diversification to drive compelling returns to the shareholders of both companies.
"The financial support of Berkshire Hathaway as well as the agreement we announced with Total allows us to delever our balance sheet while focusing our integration efforts on the assets that will provide the most value for us."
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