2019-05-13 11:50:00
CHEVRON, ANADARKO: NO COUNTERPROPOSAL
CHEVRON- May 9, 2019 – Chevron Corporation (NYSE: CVX) announced today that, under the terms of its previously announced Merger Agreement with Anadarko Petroleum Corporation (NYSE: APC), it will not make a counterproposal and will allow the four-day match period to expire. Accordingly, Chevron anticipates that Anadarko will terminate the Merger Agreement.
"Winning in any environment doesn't mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal," said Chevron's Chairman and CEO Michael Wirth. "Our advantaged portfolio is driving robust production and cash flow growth, higher investment returns and lower execution risk. We are well positioned to deliver superior value creation for our shareholders."
Upon termination of the Merger Agreement, Anadarko will be required to pay Chevron a termination fee of $1 billion. Consistent with Chevron's commitment to superior shareholder returns, the company plans to increase its share repurchase rate by 25 percent to $5 billion per year.
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Earlier:
2019, May, 8, 11:20:00
OCCIDENTAL SALES $8.8 BLN
Occidental Petroleum Corp agreed to sell Anadarko's Algeria, Ghana, Mozambique and South Africa assets to Total SA for $8.8 billion.
2019, April, 26, 10:25:00
OCCIDENTAL, ANADARKO MERGER $57 BLN
Occidental Petroleum made a new $57 billion offer for Anadarko
2019, April, 26, 10:20:00
ANADARKO NET LOSS $15 MLN
Anadarko Petroleum Corporation (NYSE: APC) announced 2019 first‑quarter results, reporting a net loss attributable to common stockholders of $15 million, or $0.03 per share (diluted).
