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June 23, 2006
Anadarko Buys Kerr-McGee and Western Gas
This is a huge deal:
Anadarko Petroleum Corp., the second- biggest independent U.S. oil and gas producer, agreed to pay $21 billion in cash for Kerr-McGee Corp. and Western Gas Resources, an acquisition that would more than double its sales.
Anadarko said in a statement that it will pay $16.4 billion or $70.50 a share for Oklahoma City-based Kerr-McGee, which was forced by billionaire investor Carl Icahn to sell assets and buy back $4 billion of its stock last year. The price is a 40 percent above yesterday's closing price. The company will pay $4.7 billion or $61 a share for Western Gas, 49 percent above yesterday's close. Anadarko will assume $2.2 billion of debt.
Posted by edelfenbein at June 23, 2006 9:41 AM
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