By Josh Beckerman

Anadarko Petroleum Corp. (APC) has agreed to be sold to Occidental Petroleum Corp. (OXY), a move that was expected after Chevron Corp. (CVX) dropped out of a bidding war.

Occidental will pay $59 in cash and 0.2934 of an Occidental share for each Anadarko share.

Chevron had agreed on April 12 to purchase Anadarko for about $33 billion, but Occidental offered $38 billion on April 24 and then boosted the cash portion of its offer on Sunday.

Anadarko said the sale is expected to close in the second half of the year.

Occidental has obtained committed financing for the entire cash portion.

--Bradley Olson and Christopher M. Matthews contributed to this article.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 09, 2019 19:07 ET (23:07 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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