US-based oil and gas producer Occidental Petroleum has submitted a superior proposal to acquire Anadarko Petroleum Corporation for US$76 per share, which represents a premium of approximately 20% to the value of Anadarko’s pending transaction with the global oil and gas company Chevron. By doing so, Occidental Petroleum plans to enhance its oil and gas portfolio and in particular regarding its shale, deepwater and natural gas resource bases in the Permian basin and in the deepwater Gulf of Mexico. This is the start of an outright bidding war and Occidental Petroleum will be facing a supermajor four times its size.
Chevron entered an agreement with Anadarko to acquire all its outstanding shared in a major stock (75%) and cash (25%) transaction valued at US$33bn earlier in April 2019. The acquisition has been approved by the Boards of Directors of both companies and is expected to close in the second half of 2019. It is also subject to regulatory approvals (in particular from Anadarko shareholders) and other customary closing conditions.
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