Anadarko Petroleum Corp. recently entered into a definitive merger agreement with Occidental Petroleum Corp. under which Occidental will acquire all of the outstanding shares of Anadarko for consideration consisting of $59 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock.
Prior to entering into the merger agreement with Occidental, Anadarko terminated its previously announced merger agreement with Chevron Corp. In accordance with the terms of that agreement, Anadarko has paid a termination fee of $1 billion to Chevron.
Al Walker, chairman and CEO of Anadarko, commented, “We are pleased to have reached an agreement with Occidental that delivers significant, near-term value to our shareholders.”
The transaction is expected to close in the second half of 2019, subject to approval by Anadarko shareholders, regulatory approvals and other customary closing conditions.