General News | Deals - Acquisition, Mergers, Divestitures
Anadarko Resuming Merger Negotiations with Oxy After Latest Offer
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Anadarko Petroleum reported that it intends to resume merger negotiations with Occidental Petroleum.
This is in response to Occidental's proposal to acquire Anadarko, which was announced by Oxy on April 24, 2019.
Following consultation with its financial and legal advisors, Anadarko's board has unanimously determined that the Oxy Proposal could reasonably be expected to result in a "Superior Proposal" than is presented in Chevron's deal.
The Anadarko board's determination allows Anadarko to resume negotiations with Occidental in accordance with the Chevron Merger Agreement. The Chevron Merger Agreement remains in effect and accordingly the Anadarko board reaffirms its existing recommendation of the transaction with Chevron at this time.
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