Oil and gas producer Occidental Petroleum Corp on Wednesday started the first ta...
HOUSTON - Oil and gas producer Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion, or $57 billion including debt, for Anadarko Petroleum Corp, a bid that topped an offer by Chevron Corp.
Occidental’s surprise $76-per-share bid followed two earlier proposals. Anadarko shares jumped 12 percent in early afternoon trading to $71.74, well above the $65 per share offered by Chevron. Occidental shares fell 2.3 percent to $60.90.Occidental said it boosted the cash portion of its offer to 50 percent. Chevron offered 25 percent cash and 75 percent stock.
Still, Occidental has lost 7 percent of its value since it disclosed its interest in Anadarko. It faces hurdles to sell its own shareholders on the deal. “The value of this is in the shale,” said Hollub, who ran Occidental’s Permian Basin operations before becoming CEO in 2016.“She has been very thoughtful and really disciplined as an acquirer” said Brian Kessens, portfolio manager at Tortoise Capital, which holds shares in an Anadarko pipeline business and in Chevron. “They didn’t just decide to bid for Anadarko over the last couple of weeks.”
Occidental’s offer would require shareholder votes at both companies. Anadarko would have to pay Chevron a $1 billion break-up fee if its board chooses Occidental’s offer. The Permian produces about 4 million barrels per day, and is expected to hit 5.4 million bpd by 2023, according to IHS Markit, more than the total production of any OPEC country other than Saudi Arabia.
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