Anadarko, Oxy sign takeover deal

The U.S. oil company Anadarko has agreed to be acquired by Occidental Petroleum after Chevron on Thursday said it wouldn’t raise a previously placed takeover bid.

Following Chevron’s announcement, Anadarko on Thursday said it had entered into a definitive merger agreement with Occidental Petroleum Corporation under which Occidental will acquire all of the outstanding shares of Anadarko for consideration consisting of $59.00 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock. The deal is estimated at $38 billion.

Chevron had offered 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share, in a transaction estimated at $33 billion.

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