Top Story | Deals - Acquisition, Mergers, Divestitures
Oxy: Total Has Agreed to Acquire Andarko's International Assets for $8.8 Billion
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As Occidental Petroleum tries to woo Anadarko Petroleum into a merger deal with a new offer, Oxy now says that Total SA has agreed to acquire Anadarko's Algeria, Ghana, Mozambique assets for $8.8 billion.
This is only the latest development in Oxy's quest to acquire Anadarko.
The sale is contingent upon Occidental entering into and completing its proposal to acquire Anadarko, and would be expected to close simultaneously or as soon as reasonably practicable afterwards (Anadarko is currently involved in a pending merger deal with Chevron).
A Closer Look
The devil is in the details: The asset being sold represents 14% of Anadarko's total production and 1/4 (25%) of the company's total oil production, that is as of 4Q 2018.
The proceeds of the sale of these high quality non-strategic assets covers a portion of the cash consideration to fund the proposed acquisition of Anadarko.
Oxy President and CEO Vicki Hollub said: "We are pleased to have secured this agreement with Total. The $8.8 billion value to be received for Africa represents an attractive value based on our extensive evaluation over the last 18 months. Given our long history of working together productively, I am confident we can execute this sale quickly and efficiently. Total has extensive experience working in Africa and is well positioned to maximize value from these assets.''
Patrick Pouyanné, Chairman and CEO of Total, added: "These are world class assets with great upside, and we welcome the opportunity to leverage our expertise in LNG and deepwater developments as well as our long history of operating in Africa. We have worked successfully with Occidental for many years and we are committed to execute smoothly this transaction."
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