Anadarko Petroleum Corp. announced it entered into a definitive merger agreement with Occidental Petroleum Corp. after terminating its previously announced deal with Chevron Corp. Occidental will pay $59.00 in cash and 0.2934 of a share of its common stock per share of Anadarko common stock. The transaction is expected to close in the second half of 2019. Chevron previously decided to rescind its offer and will receive a $1 billion termination fee.
"We are pleased to have reached an agreement with Occidental that delivers significant, near-term value to our shareholders. Anadarko's employees have strategically assembled a premier portfolio of world-class assets, and this transaction would not have been possible without our board's leadership over the past several months. We are proud of the substantial premium we have delivered to our shareholders and look forward to working with Occidental to ensure a smooth transition," said Anadarko CEO Al Walker.
