YAY! FUCKING RED TEXT FAIL
Anadarko backs Occidental's revised bid, pressuring Chevron to respond
HOUSTON (Reuters) - Anadarko Petroleum Corp’s board on Monday backed a $38 billion bid from Occidental Petroleum Corp, adding pressure on rival Chevron Corp to raise its offer or walk away from the takeover contest.
The decision capped a series of moves by Occidental to finance and reduce hurdles before its $38 billion deal after Anadarko balked at several earlier offers.
Occidental received the board’s endorsement after raising $18.8 billion in cash pledges that allowed it to avoid a vote by its shareholders on the deal.
Chevron has four days to decide whether it wants to alter an existing merger agreement that Anadarko already accepted or make a new bid. A spokesman confirmed it had receive the notice of termination from Anadarko and declined comment on its next steps.
Anadarko said its board had unanimously determined that the revised Occidental proposal constituted a “superior proposal” and that it intended to terminate the Chevron merger agreement, a decision that would see it pay Chevron a $1 billion termination fee.
The decision was a victory for Occidental Chief Executive Vicki Hollub, who pressed Anadarko’s board to reject the Chevron agreement and pulled in support from billionaire Warren Buffett for the deal. She convinced Buffett to invest $10 billion in the deal after flying to Omaha, Nebraska, to make the case.
Days later, Hollub won a deal with French oil giant Total SA to take most of Anadarko’s international assets, including a liquefied natural gas project in Mozambique estimated to cost up to $25 billion to complete. Total agreed to pay $8.8 billion for the assets once the merger goes ahead.
Hollub wants her target’s prime position in the top U.S. shale field. Anadarko holds nearly a quarter million acres (102,000 hectares) of land in the Permian Basin, the biggest prize for Chevron and Occidental. The Permian has become the epicenter of the shale oil-and-gas boom, helping drive U.S. oil output to a record 12 million barrels a day (bpd), more than Russia and Saudi Arabia.
Anadarko first disclosed a merger deal with Chevron on April 12 after snubbing a higher bid from Occidental. That prompted Occidental’s Hollub to go public with her offer, to pressure Anadarko to reconsider its stance.
The change of heart came after Occidental increased the proportion of cash in its $76 per share offer to 78 percent cash and 22 percent stock, removing a stock exchange requirement for the approval of Occidental’s shareholders.
Some investors in Occidental oppose the decision to bypass a shareholder vote of approval. T. Rowe Price Group Inc, said on Monday it intended to vote against the Occidental board of directors at the annual meeting on Friday in protest.
Occidental said in a statement that it looked forward to completing the discussions and “executing our merger agreement with Anadarko to complete this exciting transaction.”
https://www.reuters.com/article/us-anadarko-petrol-m-a-occidental/anadarko-backs-occidentals-revised-bid-pressuring-chevron-to-respond-idUSKCN1SC28I?il=0
see this
Warren Buffett was willing to offer double what he eventually committed to help Occidental Petroleum acquire Anadarko Petroleum, sources told CNBC’s David Faber.
Buffett is also receiving a $50 million signing fee as part of Berkshire Hathaway’s $10 billion investment in Occidental.
https://www.cnbc.com/2019/05/03/warren-buffett-was-willing-to-invest-20-billion-in-occidental-bid-for-anadarko-sources.html
>Mnuchin said that the talks changed direction over the weekend, describing China as moving “substantially backward.”
With munchkins in charge there was never ever going to be a deal. All we have seen is an endless stream of PR bullshit that said "they are close..etc". He need's to go. He also said that the market's going down was not a result of these negotiation's.
'sup nigga. You missed the shitshow earlier with the asshole baker live streaming his 'bake'.
Was pretty funny, got yanked though.
And then everyone resumed working.
Had a good 'ole genuine shitposting saturday feel to it during the last 3/4 of that bake.
depends on what part of the country you are in whether you want to eat it as well. Generally it's pretty passable and not bad. One benefit of living in ca is we generally have really good access to quality food, you pay for it but it's not an issue to get-not like looking for fresh lettuce in the winter in new mexico-I think they still classify corn as a vegetable.
think it's on the south side of puerto rico, don't know for sure. Have enjoyed your stuff much.
o7
Protester throws egg at Australian prime minister
MELBOURNE (Reuters) - A protester threw an egg at Australian Prime Minister Scott Morrison at an election campaign event on Tuesday, grazing him in the head with it, footage on Australian television showed.
Security guards swiftly pounced on the female protester, who was wearing a beanie and casual clothes, and dragged her away.
Morrison rubbed his head briefly after the egg was thrown and then helped an elderly woman who was pushed to the floor in the scuffle.
“We will stand up to thuggery whether it’s these cowardly activists who have no respect for anyone, or militant unionists standing over small businesses and their employees on work sites,” Morrison said in a message on his Twitter feed.
The incident occurred during a visit by the prime minister to Albury, a constituency in New South Wales, where an independent candidate is the bookmakers’ favorite as rural voters desert the government.
The woman later told reporters that her action “speaks for itself” and referred to Manus Island, in Papua New Guinea, where Australia has long detained refugees, according to a reporter with the Australian newspaper.
In March, a teenager smashed an egg onto the head of a controversial right-wing Australian lawmaker who had blamed New Zealand’s mass mosque shootings on its immigration program.
https://www.reuters.com/article/us-australia-election-morrison-egg/protester-throws-egg-at-australian-prime-minister-idUSKCN1SD045?il=0
that you AusFag-kek!
then leave