Oxy Completes Anadarko Acquisition
Occidental Petroleum Corporation has successfully completed its $38 billion acquisition of Anadarko Petroleum Corporation.
The announcement comes after Anadarko shareholders approved the transaction at a special meeting held on Thursday. More than 99 percent of votes were in favor of the merger agreement.
“With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” Occidental CEO Vicki Hollub said in a company statement. “We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our board and management team is on execution to achieve the promise of this exciting combination. We look forward to updating the market on our continued progress in the months ahead.”
Occidental entered into the transaction agreement with Anadarko in May after outbidding Chevron Corporation.
As of late, Occidental’s board of directors has been under fire by billionaire Carl Icahn, who has been pushing to have several board members replaced.
Earlier this week, Occidental began selling bonds to fund the Anadarko acquisition.
Andarko shareholders will receive $59 cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock. After the end of trading today, Anadarko’s common stock will no longer trade on the New York Stock Exchange.
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