HOUSTON–(BUSINESS WIRE)– Occidental Petroleum Corporation has delivered a letter to the Board of Directors of Anadarko Petroleum Corporation setting forth the terms of a revised and significantly enhanced superior proposal to 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.[the_ad id=”31605″]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.
On April 29, 2019, Anadarko announced its Board of Directors had determined that Occidental’s prior proposal, made on April 24, could reasonably be expected to result in a “Superior Proposal”, and the two companies have engaged since that determination.
“We firmly believe that Occidental is uniquely positioned to drive significant value and growth from Anadarko’s highly complementary asset portfolio,” said Occidental President and CEO, Vicki Hollub. “This combination will create a global energy leader with the scale and geographic diversification to drive compelling returns to the shareholders of both companies,” she added.
“The financial support of Berkshire Hathaway as well as the agreement we announced with Total allows us to deliver our balance sheet while focusing our integration efforts on the assets that will provide the most value for us,” she continued.
In a separate release issued, Occidental announced that, in connection with the Company’s proposal to acquire Anadarko, it has entered into a binding agreement to sell Anadarko’s Algeria, Ghana, Mozambique and South Africa assets to Total S.A. for $8.8 billion.