Anadarko Petroleum Corp. (APC) said Thursday afternoon that it is officially being acquired by Occidental Petroleum Corp. (OXY), after Chevron Corp. (CVX)declined to counter Occidental's higher bid ( ). Anadarko officially announced Thursday afternoon that it has agreed to a bid from Occidental that offered $59 in cash and .2934 shares of Occidental for each share of Anadarko. Chevron will receive a $1 billion termination fee from Anadarko. The transaction is expected to close in the second half of the year, Anadarko said. "We are pleased to have reached an agreement with Occidental that delivers significant, near-term value to our shareholders," Anadarko Chief Executive Al Walker said in a statement.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 09, 2019 18:46 ET (22:46 GMT)
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