BREAKING NEWS

BREAKING NEWS

Occidental to sell Anadarko's African assets to Total SA for $8.8 billion if it buys Anadarko

Occidental to sell Anadarko's African assets to Total SA for $8.8 billion if it buys Anadarko
FILE PHOTO: Anadarko Petroleum Corporation is seen in The Woodlands, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photo -
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LOREN ELLIOTT(Reuters)
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(Reuters) - Occidental Petroleum Corp said on Sunday it entered a binding agreement to sell Anadarko Petroleum Corporation's assets in Algeria, Ghana, Mozambique and South Africa to Total S.A for $8.8 billion (6.7 billion pounds) if it succeeds in completing its proposal to acquire Anadarko.

After the sale of these assets, Occidental said it expects to deliver $2 billion of annual cost synergies and $1.5 billion of annual capital reductions from its proposed acquisition of Anadarko.

(Reporting by Philip George in Bengaluru; Editing by Andrea Ricci)

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