Anadarko Petroleum Prepares for the Adoption of a Hostile $ 55 Billion Bid by its Rival Occidental Petroleum, which Endangers the Sale to Oil Company Chevron, the People Understanding the Issue It is expected that She will make a statement this week after the Board has determined that an offer by Occidental in cash and stock is superior to the $ 50 billion deal it agreed with Chevron in early April.
Anadarko's decision to agree to Occidental's offer would be a rare victory for an enemy bidder, which is often rejected. Anadarko confirmed last week that he had received an offer from Occidental weeks after he had rejected the group's takeover proposals.
Anadarko could not be reached immediately for a comment, but last week he said it would "carefully examine Occidental's proposal to determine what it considers to be the best interest of the company's shareholders".
One of the top five US oil and gas companies offered $ 76 per share to Anadarko shareholders, a 22 percent premium on Chevron's offering, worth around $ 63 per share.
Occidental's offer was split equally into cash and shares. Chevron offered to pay 0.39 own shares and $ 16.25 in cash for every outstanding Anadarko share. Anadarko has agreed to pay Chevron a billion dollars if it leaves the business.
It is not clear if Chevron will increase his bid for Anadarko. However, the people who are familiar with the thinking of the oil major said that Chevron probably would not enter into a bidding war over the assets, the Financial Times reported. Chevron had previously refused to increase his bid by hearing that Occidental Anadarko had offered more than $ 70 per share.
Through a deal, Occidental would receive valuable shale oil crops as well as assets in the Gulf of Mexico and a natural gas project in Mozambique. It would be the biggest and most daring bet ever made by Occidental boss Vicki Hollub.
"This is much more synergistic for us than any other company that could handle it," said Ms. Hollub of FT last week.
Occidental's interest was only a few minutes after Anadarko announced its sale to Chevron earlier this month, but analysts warned at the time that they would not see Ms. Hollub outdo her bigger rival.
Ms. Hollub has promised to sell assets worth up to $ 15 billion when an agreement is made to acquire Anadarko, partly to receive the support of Occidental shareholders who are in favor of cash and cash equivalents Must register share deal.