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Occidental, Total ink agreement for $8.8B sale of African assets

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Occidental, Total ink agreement for $8.8B sale of African assets

Occidental Petroleum Corp. signed a sales and purchase agreement with Total SA to divest all of Anadarko Petroleum Corp.'s assets in Algeria, Ghana, Mozambique and South Africa to the French oil major for $8.8 billion in cash, subject to certain adjustments, according to an Aug. 5 securities filing.

The sale, which follows a memorandum of understanding signed May 3, is contingent on the completion of Occidental's planned merger with Anadarko. Anadarko's shareholders will vote Aug. 8 whether to accept Occidental's takeover offer.

An initial closing will occur following the satisfaction or waiver of the conditions of the deal in Algeria or Mozambique. If there are any remaining outstanding governmental approvals in other jurisdictions at the time of the initial closing, subsequent closings will occur in the remaining jurisdictions as the approvals are received, the filing said.

The agreement includes the right to terminate the deal if no portion of the transactions has been completed by Dec. 1, 2020.