Occidental’s $57 Billion Proposal to Acquire Anadarko
April 25, 2019
On April 24, 2019, Occidental Petroleum Corporation (“Occidental”) delivered a letter to the Board of Directors of Anadarko Petroleum Corporation (“Anadarko”) setting forth the terms of a superior proposal by Occidental to acquire Anadarko for $76.00 per share, which represents a premium of approximately 20% to the value of Anadarko’s pending transaction as of April 23, 2019. The 50‑50 cash and stock transaction is valued at $57 billion, based on Occidental’s closing price on April 23, 2019, including the assumption of net debt and book value of non‑controlling interest. Cravath is representing Occidental in connection with the proposal.
The Cravath team is led by partners Faiza J. Saeed and George F. Schoen and includes associates Daniel J. Cerqueira, Claudia J. Ricciardi and Joel B. Tay on M&A matters; partner Lauren Angelilli and associates Arvind Ravichandran, Richard Bohm and Jiyeon K. Barta on tax matters; partner Eric W. Hilfers, practice area attorney Romica Singh and associate Sarah W. Colangelo on executive compensation and benefits matters; partner Christine A. Varney, senior attorney Jesse M. Weiss and practice area attorney Kate F. Stamell on antitrust matters; partner Craig F. Arcella and associate Douglas C. Dolan on capital markets matters; partner Michael S. Goldman and associate Emily C. Weiss on banking matters; partner David J. Kappos and associate Kathryn‑Ann Stamm on intellectual property matters; partner Matthew Morreale and senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Mose Hogan III also worked on M&A matters and Dixing Tang worked on executive compensation and benefits matters.
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