The Occidental Petroleum Corporation group has offered US$76 a share, half cash and half in shares, to buy the Anadarko Petroleum group, the company said in a statement released in Houston.
The Anadarko Petroleum group announced on 12 April that it had entered into a merger agreement for the sale of the entire share capital to US group Chevron Corporation.
This group offered US$65 per share, with shareholders receiving 0.389 shares of the Chevron group and US$16.25 in cash for each share held, as well as taking on the debt of US$15 billion.
The big difference for the shareholders of the Anadarko Petroleum group, apart from an additional US$11 per share, is that the Chevron group’s offer is 75% in shares and 25% in cash and the offer from the Occidental Petroleum Corporation group is half in cash and a half in shares.
The statement released by the Anadarko Petroleum group said specifically that “an unsolicited proposal from the Occidental Petroleum Corporation group was received by offering US$38 in cash and 0.6094 ordinary shares for each one held,” and recommends that shareholders refrain, at this time, from making any decision.
The Anadarko Petroleum group is an operator of a natural gas project in Mozambique and in a statement dated 5 March said that the final investment decision of the Rovuma Area 1 natural gas project is expected to take place in the first half of this year. (Macauhub)