Chevron doubles down with $33 bln Anadarko swoop gfhay
Chevron said on April 12 it had offered to buy Anadarko Petroleum for $33 billion, or $65 per share.
Based on Chevron’s closing price on April 11, Anadarko shareholders will receive just under 0.4 shares of Chevron and $16.25 in cash for each Anadarko share, giving them around 9 percent of the merged company. The total value of the transaction is $50 billion including debt. Chevron said that the deal would enable it to save an annual $1 billion of costs and reduce capital expenditure by $1 billion per year.
Chevron plans to sell $15 billion to $20 billion of assets between 2020 and 2022 in order to cut debt and return cash to shareholders, including raising the pace at which it is buying back more shares.
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