Chevron to buy Anadarko Petroleum in a $33 billion cash and stock deal

Chevron on Friday announced plans to acquire oil and gas producer Anadarko Petroleum in a cash and stock deal the company valued at $33 billion.

The deal values Anadarko at $65 per share. Based on Chevron's closing price of $46.80 on April 11, Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. The deal, which is subject to shareholder and regulatory approval, is expected to close in the second half of 2019. If approved, Chevron said it plans to boost its annual share buyback program to $5 billion from $4 billion.

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