Sunday, 25 August, 2019


Total enters $8.8 bln deal with Occidental for Anadarko's Africa assets

The logo of Occidental Petroleum is displayed on a screen on the floor at the NYSE in New York Total enters $8.8 bln deal with Occidental for Anadarko's Africa assets
Conrad Doyle | 08 May, 2019, 00:41

The Occidental Petroleum Corporation group will sell Anadarko Petroleum's oil and gas assets in Africa, notably in Mozambique, to French group Total for US$8.8 billion under a deal released on Sunday.

Occidental Petroleum on May 5 revised its bid to buy Anadarko Petroleum, increasing the cash portion of its unsolicited offer to 78 percent of the $76-per-share price, equivalent to an equity value of $38 billion.

Seemingly, this announcement would have given some idea as to how Occidental would fund its stock and cash purchase of Anadarko. Its previous bid was 38 in cash and 0.6094 shares of Occidental stock.

The Total S.A. deal is an obligatory agreement and the divestment of the African assets would occur at the same time when Occidental wraps a deal to purchase Anadarko. Anadarko shareholders would still get to vote on the deal.

"The $8.8 billion value to be received for Africa represents an attractive value based on our extensive evaluation over the last 18 months", Vicki Hollub, president and chief executive officer of Occidental said in a statement.

Anadarko shares jumped 3.1 percent to $74.95 while Occidental dipped 0.4 percent to $57.74 and Chevron rose almost 1 percent to $118.43.

Total said it expected Occidental's take-over of Anadarko to be finalised by 2020.

Last week Occidental secured a $10 billion investment from Warren Buffett's Berkshire Hathaway Inc. The vast shale field holds oil and gas deposits that can produce supplies for decades using low-priced drilling techniques.

Occidental said this does not impact the planned $2 billion of annual cost savings and $1.5 billion of annual capital reductions already outlined as part of its potential acquisition of Anadarko. Should Occidental's bid be declared superior by Anadarko, Chevron will be given four days to match Occidental's offer, according to the terms of the contract between Chevron and Anadarko.

The African assets would represent around 1.2 billion boe of proven and probable reserves, 70 percent of which is gas, as well as two billion boe of natural gas in Mozambique.

Total's previously outlined plan to increase its dividend by 10 percent and buy back five million shares by the end of 2020 will not be impacted by the deal, the company added.

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