August 1, 2019 / 5:39 PM / 2 months ago

Occidental Petroleum plans to close Anadarko deal soon after Aug. 8 vote

HOUSTON, Aug 1 (Reuters) - Occidental Petroleum Corp plans to quickly complete its $38 billion purchase of Anadarko Petroleum after the latter’s Aug. 8 shareholder vote, the company said on Thursday.

The earlier-than-expected closing will give the company a head start to evaluate assets that it plans to sell to pay off debt supporting the acquisition, Occidental Chief Executive Vicki Hollub said on Thursday.

Anadarko shareholders are expected to approve a deal that provides a 57% premium to its share price the day before it disclosed acquisition talks. (Reporting by Gary McWilliams, editing by G Crosse)

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