Occidental Petroleum Corp. on June 3 obtained antitrust clearance for its proposed acquisition of Anadarko Petroleum Corp. after the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act.
The antitrust clearance satisfies one of the conditions of the deal closing, which is scheduled for the second half of the year. The deal awaits approval from Anadarko's stockholders, among other closing conditions.
Occidental edged out supermajor Chevron Corp. with a revised offer valued at $57 billion that is composed of more cash up front for Anadarko's shareholders. Occidental and Anadarko entered into a definitive merger agreement on May 9, under which Occidental would pay $59 in cash and 0.2934 Occidental share for each Anadarko share held, for a deal value of $76 per share.