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Occidental completes acquisition of Anadarko



It’s official! After many twists and turns, Occidental Petroleum has finally completed its acquisition of Anadarko Petroleum Corporation. The deal has been completed in a transaction valued at $55 billion which has included the assumption of Anadarko’s debt.
Occidental completes acquisition of Anadarko
(Image via Occidental Petroleum).

Commenting on the deal, Vicki Hollub, President and Chief Executive of Occidental, said:

“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. 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.”

The closing of the transaction follows approval by Anadarko’s shareholders at a Special Meeting held yesterday. More than 99% of the shares voted at the Special Meeting were in favour of the Occidental merger agreement.

Anadarko shareholders are receiving $59.00 in case and 0.2934 shares of Occidental common stock per share of Andarko common stock in the transaction. Effective after the end of trading yesterday, Anadarko’s common stock will no longer trade on the New York Stock Exchange.

As the wave of mergers and acquisitions continues across the American oil and gas industry, now is the time to consider your next career move.

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Tags: Oil & Gas
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Occidental completes acquisition of Anadarko - Time to read 2 min
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