iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,347 Blog Posts

$OXY Enters Bidding War for $APC — Tells $CVX to Fuck Off

On 4/12, CVX and APC agreed to merge, a $33 billion deal that made waves in the Permian Basin. This morning OXY stepped into the fray, upped the offer by 20%, and told CVX to fuck off.

“Anadarko has great assets,” Occidental CEO Vicki Hollub said in a interview on CNBC’s “Squawk Box ” on Wednesday. “We are the right acquirer … because we can get the most out of the shale.”

The OXY deal is rumored to be 40% cash, which is much greater than CVX’s 25% cash offer. Apparently APC was in negotiations with OXY during the time CVX made its bid — but decline due to the dilutive nature of of the deal for OXY’s shareholders. In other words, they’d have to issue a fuck load of shares in order to acquire APC and they weren’t interested in any of that.

OXY is saying this is a friendly deal — but I doubt it. This new deal is valued at $57 billion.

If you enjoy the content at iBankCoin, please follow us on Twitter