Occidental Formally Enters Agreement to Buy Anadarko
Occidental Petroleum announced May 9 that it has formally entered into an agreement to acquire Anadarko Petroleum in a deal valued at $57 billion, or $76 per share (78% cash). The announcement followed confirmation that Chevron, which had previously agreed to acquire Anadarko for $65 per share (25% cash), is not willing to increase its offer and will instead receive a $1 billion breakup fee. The terms of the Occidental agreement are consistent with the most recent bid announced by the company Ma...Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power.
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