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US oil and gas company Chevron Corp. entered into an agreement to acquire its competitor Anadarko Petroleum.
The amount of the transaction amounts to $ 33 billion, which will be paid in cash and in shares. For an Anadarko stock, its shareholders will receive 0.3869 shares of Chevron and $ 16.25. Given the debt of Anadarko, the amount invested in the acquisition will be about 50 billion dollars.
"The acquisition of Anadarko significantly expands our portfolio of badets in the areas of research and exploitation and strengthens the company's position in the areas of shale, deep water and gas, "said Chevron.
The transaction, approved unanimously by the company's Board of Directors, may be finalized in the second half of 2019. The synergy effect of the merger of the two companies is expected to be approximately $ 2 billion. dollars a year.
After the acquisition, Chevron plans to increase the stock repurchase volume from $ 4 billion to $ 5 billion annually.
A Chevron representative also announced plans to sell badets worth between $ 15 billion and $ 20 billion over the 2020-2022 period. Funds received will be used to reduce debt and pay shareholders.
Chevron is the second largest oil and gas company in the world, capitalizing on ExxonMobil. In 2018, the company achieved a net profit of $ 14.82 billion and $ 9.2 billion a year earlier. Oil and gas extraction rose 7% last year to 2.93 million barrels of oil equivalent per day.
Today, Chevron shares are cheaper by 1.1%, but since the beginning of the year, the company 's market capitalization has increased 16% to $ 238 billion. By comparison, the market value of Exxon is $ 345 billion.
After the publication of the transaction, shares of Anadarko jumped 32%.
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