Mozambique: Occidental’s deal with Anadarko to be completed in H2

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Mozambique: Occidental’s deal with Anadarko to be completed in H2

3:20 CAT | 10 May 2019

in file CoM

The merger of Occidental Petroleum Corp and U.S. independent energy group Anadarko, which leads a natural gas megaproject in northern Mozambique, is to be concluded in the second half of the year, Anadarko said in a statement on Friday.

“The transaction is expected to close in the second half of 2019, subject to approval by Anadarko shareholders, regulatory approvals and other customary closing conditions.,” the statement reads.

“Occidental has obtained committed financing for the entire cash portion of the aggregate transaction, and completion of the transaction will not require or be conditioned upon the receipt of any vote or other approval by Occidental’s stockholders.”

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Al Walker, Chairman and Chief Executive Officer of Anadarko, said: “We are pleased to have reached an agreement with Occidental that delivers significant, near-term value to our shareholders.”

He added: “Anadarko’s employees have strategically assembled a premier portfolio of world-class assets, and this transaction would not have been possible without our board’s leadership over the past several months. We are proud of the substantial premium we have delivered to our shareholders and look forward to working with Occidental to ensure a smooth transition.”

Occidental “will acquire all of the outstanding shares of Anadarko for consideration consisting of $59.00 in cash and 0.2934 of a share of Occidental common stock per share of Anadarko common stock,”the statement said.

Occidental will move forward with its $38 billion (€33.7 billion) takeover of Anadarko and has announced it will send its natural liquified gas project in Mozambique to France’s Total.

Al Walker and Mozambique’s president, Filipe Nyusi, on Tuesday announced that the final investment decision of the Rovuma Basin would be celebrated at an event in the Mozambican capital on 18 June.

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