Total Sides with Oxy in Anadarko Bid

Monday, May 6, 2019

Occidental Petroleum’s bid for US independent Anadarko Petroleum has attracted some powerful interest. Not only has the company secured $10 billion in support from Berkshire Hathaway, but now France’s Total SA said it has agreed with Occidental to acquire the African assets of Anadarko for $8.8 billion, should the two U.S. oil and gas companies finalize a deal to combine.

The agreement with Total is the latest move by Occidental in its effort to convince Anadarko to accept a $38 billion cash-and stock acquisition offer and abandon its agreed $33 billion sale to Chevron Corp.

If Occidental’s bid for Anadarko succeeds, Total has agreed to purchase Anadarko’s properties in Algeria, Ghana, Mozambique and South Africa.

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