Occidental Completes Anadarko Deal

   By Dave Sebastian

Occidental Petroleum Corp. (OXY) said Thursday it has completed its acquisition of Anadarko Petroleum Corp. (APC).

Anadarko shareholders will receive $59 in cash and 0.2934 share of Occidental common stock for each Anadarko share, Occidental said. At the time of its announcement in May, the deal was valued at $38 billion. Occidental is also assuming Anadarko's debt.

More than 99% of shares voted in a meeting earlier Thursday were in favor of the transaction, the company said.

Occidental expects to save more than $3.5 billion annually in cost and capital spending as a result of the combination, said Vicki Hollub, Occidental's president and chief executive, in prepared remarks.

Occidental faced some opposition from activist investor Carl Icahn, who owns a nearly 4.4% stake in the company. Mr. Icahn has said that Occidental botched the bidding process for the Anadarko deal and unfairly denied shareholders a say in the matter.

The activist investor is pushing for four seats on Occidental's board. Mr. Icahn has said the push wouldn't interfere with the company's ability to integrate Anadarko, but it would seek to prevent the company from striking deals that would hurt the value of the company.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

August 08, 2019 12:13 ET (16:13 GMT)

Anadarko Petroleum (NYSE:APC)
Historical Stock Chart
From Mar 2024 to Apr 2024