Author Topic: Oxy makes new Anadarko offer for nearly 80% in cash  (Read 807 times)

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Online Elderberry

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Oxy makes new Anadarko offer for nearly 80% in cash
« on: May 06, 2019, 11:07:37 am »
Houston Chronicle by  Jordan Blum May 5, 2019

Occidental Petroleum said Sunday it will add even more cash to its offer for Anadarko Petroleum as the bidding war with Chevron continues to escalate.

Houston-based Oxy said it will up its bid from 50 percent cash to nearly 80 percent cash, although it will keep the offer at $76 per share for The Woodlands-based Anadarko, or more than $38 billion. Chevron was offering about $33 billion at $65 per share but with more of it being based on Chevron shares.

Oxy has gone from initially offering close to 25 percent cash to about 78 percent cash because the Anadarko board and shareholders were nervous about accepting a stock-heavy offer from Occidental. The new offer of $76 per share includes $59 in cash and 0.2934 shares of Occidental stock per Anadarko share.

More: https://www.houstonchronicle.com/business/energy/article/Oxy-makes-new-Anadarko-offer-for-nearly-80-in-13821133.php

Offline IsailedawayfromFR

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Re: Oxy makes new Anadarko offer for nearly 80% in cash
« Reply #1 on: May 06, 2019, 02:41:50 pm »
As I said in an earlier thread, don't count out Oxy in making this happen.

It is hungry, and may even make a ridiculously over-the-top bid to seize Anadarko.

CVX needs to keep its eye on the ball, with the bigger prize in preserving itself against the state it is HQ'd in, California, the oil industry slayer.
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington