(Bloomberg) -- Occidental Petroleum Corporation said in statement that it has entered into a binding agreement for contingent sale of Anadarko's Algeria, Ghana, Mozambique and South Africa assets to Total S.A. for $8.8 billion.
- Deal in connection with Occidental's proposal to acquire Anadarko Petroleum Corporation
- Sale is contingent upon Occidental entering into and completing its proposal to acquire Anadarko; expected to close simultaneously “or as soon as reasonably practicable afterwards”
- “The assets to be sold to Total represent approximately 6% of the expected net production and approximately 7% of the cash flow after capital expenditures of Occidental in 2020 pro forma for the acquisition of Anadarko,” the company said
- “The proceeds of the sale of these high quality non-strategic assets covers a portion of the cash consideration to fund the proposed acquisition of Anadarko”
To contact the reporter on this story: Nathan Crooks in Miami at ncrooks@bloomberg.net
To contact the editor responsible for this story: Sebastian Tong at stong41@bloomberg.net
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