Anadarko: accepts Occidental's 38 billion dollar counter-bid
(CercleFinance.com) - After acknowledging the increased counter-bid from Occidental Petroleum on Sunday 5 May, the American independent oil company Anadarko Petroleum accepted it yesterday.
The target's board of directors unanimously considered that Occidental's new bid, which totals 76 dollars per Anadarko share, of which 59 is in cash (which values group's the capital at around 38 billion dollars), exceeded that of Chevron (33 billion dollars).
Anadarko has notified Chevron of its decision, which should undermine the previous merger agreement between both these companies and result in a 1 billion dollar payout from Anadarko to Chevron. Anadarko says that Chevron has until 10 May to make a new offer.
Yesterday on Wall Street, the Anadarko share closed at about 75.5 dollars (up almost 4%).
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The target's board of directors unanimously considered that Occidental's new bid, which totals 76 dollars per Anadarko share, of which 59 is in cash (which values group's the capital at around 38 billion dollars), exceeded that of Chevron (33 billion dollars).
Anadarko has notified Chevron of its decision, which should undermine the previous merger agreement between both these companies and result in a 1 billion dollar payout from Anadarko to Chevron. Anadarko says that Chevron has until 10 May to make a new offer.
Yesterday on Wall Street, the Anadarko share closed at about 75.5 dollars (up almost 4%).
Copyright (c) 2019 CercleFinance.com. All rights reserved.