UPDATE 1-Anadarko shareholders go for the cash in $38 bln Occidental buyout [Reuters]
ANADARKO PETROLEUM (APC)
Last anadarko petroleum earnings: 7/26 04:10 pm
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Source: Reuters
UPDATE 1-Anadarko shareholders go for the cash in $38 bln Occidental buyout - Reuters 2 Min Read (Adds details, context) By Jennifer Hiller HOUSTON, Aug 8 (Reuters) - Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell the company for $38 billion to rival Occidental Petroleum Corp , ending a short-lived contest that pitted two of the most storied names in the oil industry against one another. Occidental in May beat out Chevron Corp to grab a major oil industry prize: Anadarko’s nearly quarter million acres in the Permian Basin, the top U.S. shale field, where low-cost output has helped turn the United States into the world’s top oil producer at more than 12 million barrels per day. Anadarko’s shareholders voted 99% in favor of the deal that gives them $72.34 per share based on Wednesday’s closing price for Occidental. Occidental said it had closed the transaction immediately after the vote. Its shares were off a fraction at $45.85 in morning trading. “We b
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