ANADARKO WILL PAY $5B
TT. Anadarko to pay $5bn over claims of health problems caused by pollution from uranium deposits and wood creosote.
Anadarko Petroleum and its Kerr-McGee unit will pay $5.15bn to resolve environmental clean-up claims stemming from the 2009 bankruptcy of paint materials maker Tronox, the biggest environmental bankruptcy settlement ever.
The deal ends two years of litigation brought by a trust for governments, tribes and individuals that held claims against Tronox.
"This settlement agreement with the Litigation Trust and the US Government eliminates the uncertainty this dispute has created, and the proceeds will fund the remediation and clean-up of the legacy environmental liabilities and tort claims," Anadarko chief executive Al Walker said.
Anadarko said it would record a net $550m tax benefit from the agreement.
Anadarko's stock rose as high as 13pc to $98 per share during afternoon trading on the New York Stock Exchange as word of a settlement circulated.
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