Occidental gives Anadarko an ill-judged bear hug johnsfoley
Occidental Petroleum on April 24 proposed to buy oil producer Anadarko Petroleum for $38 billion in cash and stock, beating a $33 billion offer made by U.S. rival Chevron on April 12.
Anadarko investors would receive $38 per share and 0.6 Occidental shares, giving them 29 percent of the combined group. The Chevron offer would leave Anadarko with a stake of 9 percent. Occidental gets around 58 percent of its production from the Permian region in the southwest United States. The enlarged company would get 38 percent from the region, the bidder said.
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