Occidental Completes Anadarko Deal
August 08 2019 - 12:28PM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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