Continental Focus, International Reach

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.