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Providing coverage of Alaska and northern Canada's oil and gas industry
August 2006

Vol. 11, No. 32 Week of August 06, 2006

Anadarko acquisition clears FTC hurdle

Alan Bailey

Anadarko Petroleum Corp. said Aug. 1 that its proposed acquisition of Kerr-McGee Corp. has achieved antitrust clearance from the U.S. Federal Trade Commission. FTC has not issued a second request concerning the acquisition prior to the expiry of the statutory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, the company said.

Anadarko expects to close the transaction as soon as practical after Kerr-McGee shareholder approval at special meeting on Aug. 10. Anadarko has hoped to complete its takeover of both Kerr-McGee and Western Gas Resources by Sept. 30.

Anadarko announced the two friendly takeovers on June 23 — for Kerr-McGee alone, Anadarko offered $16.4 billion in cash, plus the assumption of debt and other liabilities estimated at $1.6 billion.






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