Occidental offers to buy Anadarko in $57 billion deal, topping Chevron

April 24, 2019

(Reuters) – Oil and gas producer Occidental Petroleum Corp on Wednesday offered to buy rival Anadarko Petroleum Corp in a $57 billion deal, topping Chevron Corp’s agreement to buy Anadarko for $50 billion.

Both cash-and-stock deals include Anadarko’s debt.

Occidental’s $76 per share offer comprises $38 in cash and 0.6094 shares of Occidental for each share of Anadarko, representing a premium of 19 percent to Anadarko’s closing price on Tuesday.

(Reporting by Debroop Roy in Bengaluru; Editing by Saumyadeb Chakrabarty)

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