What's next for Anadarko? This is the question that many in the energy industry are asking right now.
Chevron announced its intent last week to purchase Anadarko for $33 billion in a cash-and-stock deal. Although, the fight to acquire this Woodlands-based company may not be over yet.
Yesterday, Occidental Petroleum (Oxy), delivered a letter to the Anadarko board offering 20% more than Chevron to acquire the company. Oxy's offer of $57 billion includes $76 per share in cash and stock for current shareholders.
Oxy shared its intent to the world online and with social media:
Occidental’s proposal to acquire Anadarko would create a global #energy leader with the scale and geographic diversification to drive growth and deliver compelling value for shareholders of both companies. For additional information and to learn more: https://t.co/DMrQ2su4QZ pic.twitter.com/K0oVBziXcp
— Occidental (@WeAreOxy) April 24, 2019
In its press release, Oxy's president and CEO, Vicki Hollub stated, “We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them. We look forward to engaging immediately with Anadarko's Board and stakeholders to deliver this superior transaction.”
Read Oxy's press release about the proposal HERE.
Katie Mehnert, CEO and Founder of Pink Petro and Experience Energy told Reuters, "Vicki is a rare leader who is running a marathon, not a sprint. She's focused and her sights are on the long term.”
What will happen next? We will be waiting on the edge of our seat to find out.