Chevron backs out of Anadarko takeover

Chevron backs out of Anadarko takeover
Image courtesy of Chevron

Chevron, the US-based energy company and the operator of the giant Gorgon and Wheatstone LNG projects in Australia, has decided to back out of the Anadarko takeover deal. 

Chevron said that, under the terms of its previously announced merger agreement with Anadarko Petroleum, it will not make a counterproposal and will allow the four-day match period to expire.

Accordingly, Chevron anticipates that Anadarko will terminate the merger agreement.

“Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal,” said Chevron’s chairman and CEO Michael Wirth.

Upon termination of the merger agreement, Anadarko will be required to pay Chevron a termination fee of $1 billion.

Share this article

Follow LNG World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >