Anadarko To Vote On Oxy Takeover In August

The shareholders of Anadarko Petroleum will vote on the company’s takeover by Occidental on August 8, Reuters reports, adding that Occidental avoided a shareholder vote on the deal by securing US$10 billion in funding for the deal from Warren Buffett. Occidental beat Chevron to Anadarko after it offered US$38 billion for the company, 80 percent of it in cash, in addition to the assumption of Anadarko’s debt. Initially, Oxy offered 50 percent of the US$57-billion debt-including price in cash and the rest in stock, but Anadarko was reluctant…