Shareholders of Anadarko Petroleum Corp on Thursday voted overwhelmingly to sell...
), ending a short-lived contest that pitted two of the most storied names in the oil industry against one another.
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 immediately after the vote it had closed the transaction, and had named new executives to run Western Midstream Partners LP , Anadarko’s natural gas pipeline business. Its shares were up a fraction at $46.26 in midday trading.
The market’s sour response has dampened enthusiasm for deals. Even with stocks of many shale firms trading at multi-year lows, it may not be enough to spur a buyout spree by the world’s largest oil and gas firms, said Artem Abramov, analyst with Rystad Energy.Hollub has been lining up financing and organizing asset sales to fund the deal while battling activist investor Carl Icahn, who wants to replace four Occidental directors and influence the pace of the company’s asset sales.
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