Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron

[rainman + 263]

Oil and gas producer Occidental Petroleum Corp sought to scuttle Chevron Corp’s $50 billion takeover of Anadarko Petroleum Corp with a $57 billion bid. A deal would make Occidental the largest producer in the lucrative Permian shale basin, with total production of 533,000 barrels of oil equivalent production per day, the company said. Occidental’s $76 per share offer comprises $38 in cash and 0.6094 of its shares. The offer represents a premium of 19 percent to Anadarko’s closing price on Tuesday and 62 percent to the closing price on April 11, the day before Chevron made its bid. Under Chevron’s bid, Anadarko shareholders are set to receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.

[Pavel + 384]

Occidental has pulled the trigger...

[francoba + 93]

These two giant oil companies fighting over who can pay more for a third giant oil company is really all you need to know about whether the industry thinks humans are going to rise to the occasion and embrace alternative energy....

[pinto + 293]

Sounds as a good chance to puts money on Occidental as a winner in the bidding war for Anadarko...

[damirUSBiH + 327]

The previously announced deal with Chevron is now in jeopardy - if Chevron is not willing to get involved in a bidding war over Anadarko. Clash of Titans. 

[ThunderBlade + 231]

$57 Billion Deal! This sector never disappoints...

[Oil_Engineer + 86]

3 hours ago, francoba said:

These two giant oil companies fighting over who can pay more for a third giant oil company is really all you need to know about whether the industry thinks humans are going to rise to the occasion and embrace alternative energy....

Maybe they will buy it and then shut it down?  Probably not....

[wrs + 893]

Shades of Pennzoil and Texaco buying Getty.

[ronwagn + 6,290]

I always thought Phillips Petroleum bought Getty. They worked out of the same head office when I was there. No internet in those days. The Getty sons were notorious back then. We saw them driving in and out at the North end of Crenshaw Blvd. in the Tidewater and then Philips 66 building. 

[Jan van Eck + 7,558]

9 minutes ago, ronwagn said:

I always thought Phillips Petroleum bought Getty. They worked out of the same head office when I was there. No internet in those days. The Getty sons were notorious back then. We saw them driving in and out at the North end of Crenshaw Blvd. in the Tidewater and then Philips 66 building. 

I have this recollection that that one turned into a gigantic lawsuit.  It went to a Texas jury and the award was in the billions.  I think the damages claim revolved around "tortious interference."  (Bit hazy on the details, sorry, it was a long time ago.)