Anadarko Petroleum exacted a top price for itself by repeatedly spurning Occiden...
HOUSTON - Anadarko Petroleum exacted a top price for itself by repeatedly spurning Occidental Petroleum’s approaches and pushing for all-cash offers, reasoning the market might react negatively to the blockbuster $38 billion deal, according to securities filings released on Friday.
Anadarko’s tactics sweetened the sales terms and guaranteed a huge payday for its executives, Chevron and deal advisers, the filing showed. Anadarko Chief Executive Al Walker will receive $98 million and President Robert Gwin $55 million, their share of $300 million in payouts to Anadarko’s top six executives.
The board pushed Occidental to revise an initial, all-stock offer that was not tax-free, needed a shareholder vote and required a change to its charter. Those efforts prodded Occidental to obtain financing from billionaire Warren Buffett’s Berkshire Hathaway Inc that eliminated a shareholder vote. The two continued talks through 2018 with the frequency growing after Chevron CEO Michael Wirth approached Anadarko in February offering to buy it for $64 a share in a deal that was 25 percent cash and 75 percent stock.
Occidental has said it plans to shed most of Anadarko’s non-shale properties and has lined up France’s Total SA to acquire African oil-producing properties for $8.8 billion.
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