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Anadarko backs Occidentals revised bid

May 13/2019

MOSCOW (MRC) -- Anadarko Petroleum Corp said that its board backed a USD38 billion bid from Occidental Petroleum Corp, adding pressure on rival Chevron Corp to raise its offer or walk away from the takeover contest, said Hydrocarbonprocessing.

Occidental submitted a new offer of USD76 per share to Anadarko on Sunday, structured as 78 percent cash and 22 percent stock, as opposed to an even cash/stock split previously, removing a requirement for any deal to receive the approval of Occidentalís shareholders.

Anadarko said its board has unanimously determined that the revised Occidental proposal constitutes a ďsuperior proposalĒ and that it intends to terminate the Chevron merger agreement and will pay Chevron a USD1 billion termination fee. 

In the late April Anadarko Petroleum Corporation announced that it intends to resume negotiations with Occidental Petroleum Corporation in response to Occidental's proposal to acquire Anadarko, which was announced by Occidental on April 24, 2019 (the "Occidental Proposal").

Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to Anadarko. Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Anadarko.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil.
Category:General News
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