Occidental Petroleum Bids for Anadarko

By WSJ City

Occidental Petroleum offered to purchase Anadarko Petroleum in a deal with an equity value of $38bn, more than Chevron bid for the oil company.

"Occidental believes its proposal is superior both financially and strategically for Anadarko's shareholders, the company said in a statement."

KEY FACTS

--- Houston-based Occidental said it is offering Anadarko shareholders $38 in cash and 0.6094 share of Occidental's stock per share.

--- Earlier this month, Chevron proposed buying Anadarko in a cash-and-stock deal valued at $33 billion.

--- Occidental valued its bid at $57 billion, which includes the assumption of net debt and book value of non-controlling interests.

Reaction

Shares of Anadarko jumped 10% in premarket trading Wednesday on the news, while Occidental's stock fell 7%. Chevron shares ticked lower.

A representative for Chevron couldn't immediately be reached.

A fuller story is available on WSJ.com

WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity

(END) Dow Jones Newswires

April 25, 2019 08:55 ET (12:55 GMT)

Occidental Petroleum (NYSE:OXY)
Historical Stock Chart
From Mar 2024 to Apr 2024