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US oil giant Chevron says will acquire Anadarko for USD33 bn

AFP  |  New York 

US announced Friday it had agreed to acquire all outstanding shares of in a stock and cash transaction valued at USD 33 billion, or USD65 per share.

Based on Chevron's Thursday closing price, shareholders will receive 0.39 shares of and USD16.25 in cash for each share held, the company said in a statement.

The total enterprise value of the transaction is USD50 billion.

"The acquisition of Anadarko will significantly enhance Chevron's already advantaged Upstream portfolio and further strengthen its leading positions in large, attractive shale, deepwater and natural gas resource basins," the company said.

"The combination of Anadarko's premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater capabilities and will grow our LNG business.

"It creates attractive growth opportunities in areas that play to Chevron's operational strengths and underscores our commitment to short-cycle, higher-return investments."

Anadarko added: "The strategic combination of and Anadarko will form a stronger and better company with world-class assets, people and opportunities.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 16:51 IST