Chevron Keeps Mum on Next Anadarko Move



Chevron Keeps Mum on Next Anadarko Move
Chevron is playing its cards close to its chest when it comes what's next on the Anadarko deal.

Chevron is playing its cards close to its chest when it comes to the company’s next move in relation to its Anadarko deal.

“We acknowledge receipt of Anadarko’s notification and we have no further comment at this time,” Kent Robertson, Chevron’s manager of global external affairs, told Rigzone on Tuesday when asked if the company had any updates on the agreement.

On Monday, Anadarko announced that it intends to terminate its Chevron merger deal in order to enter into a definitive merger agreement with Occidental. Occidental revealed Sunday that it had jazzed up its offer for Anadarko and agreed a deal to sell Anadarko’s Africa assets to Total for $8.8 billion.

Anadarko highlighted on Monday that Chevron had the right, during the four business day period ending on May 10, to propose revisions to the terms of its agreement with Anadarko, or to make another proposal. This period may also be extended, according to Anadarko, which has confirmed that the company will pay Chevron a $1 billion termination fee if it scraps its deal with Chevron in order to enter into a deal with Occidental.

Occidental’s latest deal to acquire Anadarko was for $76 per share, comprised of $59 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock. Occidental’s previous offer was also for $76 per share, but that was comprised of $38 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock.

In a statement sent to Rigzone on Monday, Occidental said, “we have long been convinced that a strategic combination with Anadarko represents a compelling opportunity for the shareholders of both Occidental and Anadarko”.

“We look forward to Anadarko completing the next steps under its existing merger agreement and the prospect of executing our merger agreement with Anadarko to complete this exciting transaction,” Occidental added.



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