Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Anadarko Petroleum Corporation (NYSE:APC) soared 11 percent Wednesday morning after finding itself back in a bidding war.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Occidental Petroleum Corporation (NYSE:OXY) raised its offer from $70 to $76 per share to compete with Chevron Corporation (NYSE:CVX)’s $65 per share, according to CNBC.
Occidental’s $57 billion acquisition would be made in half cash and half stock. Chevron’s deal struck earlier this month promised $65 per share in 75 percent stock and 25 percent cash.
Why It’s Important
Occidental had lost an earlier bid of $70 per share to Chevron’s lower bid. Management remains convinced of synergies on shale.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
“Anadarko has great assets,” Occidental CEO Vicki Hollub told CNBC. “We are the right acquirer...because we can get the most out of the shale.”
But the Street is less optimistic. The stock sank 7 percent Wednesday morning.
Occidental’s offer threatens to derail the $33 billion Chevron-Anadarko deal, which would be the sixth-largest merger in oil and gas ever. Analysts were optimistic about the pairing, and the transaction was already approved by both companies’ boards. Its breakup fee is 3 percent.
What’s Next
Anadarko has not yet commented on the deal. Its shareholders have yet to approve the Chevron transaction.
Related Links:
Winter Is Over: Is It Time To Buy Natural Gas?
The Bearish Case On A Big Energy ETF
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.