Chevron Corp.'s $52 billion deal for Anadarko Petroleum Corp. was on course to be the biggest upstream oil and gas deal of the decade. But Occidental Petroleum Corp.'s late negotiating and superior bid for Anadarko created one of the biggest break-ups the energy industry has seen.
The Chevron deal termination is the third largest across all industries since 2014. In energy, the break-up trails behind Energy Transfer LP's proposed $79.11 billion acquisition of Williams Cos. Inc. that fell through in 2016. The other deal termination of the last 5 years larger than Chevron/Anadarko was Comcast Corp.'s proposed $70 billion acquisition of Time Warner Cable Inc., which the companies decided to mutually terminate because of regulatory hurdles.
Chevron did not walk away empty-handed. The company received a $1 billion termination fee that will be used to boost its share buyback efforts.
Out of the 10 largest terminations in the past five years, the energy and utilities sector saw the most megadeal terminations.
Did you enjoy this analysis? Click here to set alerts for future data-driven articles.