HOUSTON - Oil and gas producer Occidental Petroleum Corp on Wednesday made a $57 billion bid for Anadarko Petroleum Corp, topping Chevron Corp’s $50 billion offer and sparking the first takeover battle for a major oil company in years.
The bid pushed Anadarko shares up more than 11 percent in early morning trading to $71.25, well above the $65 per share offered by Chevron. Occidental shares fell about 2 percent to $61.07. “We are very confident. Our proposal is so strong, it’s definitely superior, and we now know the value which we can communicate to shareholders,” Vicki Hollub, Occidental’s chief executive officer, said in an interview. She said the deal would boost cash flow and allow Occidental to raise its dividend over time.“We don’t think a bidding war with Chevron is in the best interest of OXY shareholders,” analysts at KeyBanc Capital Markets wrote in a client note.
Anadarko also has significant offshore Gulf of Mexico assets and an LNG project in Mozambique that is expected to go to a final investment decision soon.The offer would require shareholder votes by Occidental and Anadarko shareholders. Anadarko would be liable to pay Chevron a $1 billion break-up fee if its board chooses Occidental’s offer.
FILE PHOTO: A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. REUTERS/Liz Hampton/File Photo
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