CBS7 UPDATE: It's official, Oxy agrees to buy Anadarko for $57B

(BY: ANDREAS EXARHEAS, RIGZONE.COM) -- Occidental Petroleum Corporation has entered into a definitive agreement to acquire Anadarko Petroleum Corporation.

The deal, which is for $59 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock, is valued at $57 billion, including the assumption of Anadarko’s debt.

The transaction has been unanimously approved by the boards of both companies and is expected to close in the second half of 2019. The deal is subject to customary closing conditions, including approval from Anadarko’s shareholders and the receipt of regulatory approvals.

“This exciting transaction will create a global energy leader with a world-class portfolio, proven operational capabilities and industry leading free cash flow metrics,” Vicki Hollub, president and chief executive officer of Occidental, said in a company statement.