HOUSTON, Texas (Big 2/Fox 24) – The deal between Occidental Petroleum and Anadarko is now complete, according to a release from the company Thursday morning.
“With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Vicki Hollub, President and Chief Executive Officer, in a statement. “We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our Board and management team is on execution to achieve the promise of this exciting combination. We look forward to updating the market on our continued progress in the months ahead.
The $55 billion deal to acquire Anadarko has been in the making for months. However, Oxy was not the first corporation to bid for Anadarko. Chevron made an initial bid for the company but was surpassed by Oxy later in the process.
Anadarko shareholders are receiving $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock in the transaction.