(BY: KALLANISH ENERGY) -- Occidental Petroleum announced this morning the completion of its $55 billion acquisition of Anadarko Petroleum, including debt assumption, Kallanish Energy reports.
"With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders," said Vicki Hollub, president and CEO. "We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our board and management team is on execution to achieve the promise of this exciting combination.”
The closing of the deal follows approval of the transaction by Anadarko’s shareholders at a special meeting held earlier today. More than 99% of the shares voted at the meeting were in favor of the Occidental merger agreement.
Anadarko shareholders are receiving $59 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock in the transaction.
Effective after the end of trading today, Anadarko’s common stock will no longer trade on the New York Stock Exchange.