Summary
Occidental Petroleum Corporation (Oxy) announced on January 30, 2006, the successful completion of its acquisition of Vintage Petroleum, Inc. This strategic move involves a cash and stock transaction where Vintage shareholders will receive $20.00 in cash and 0.42 shares of Oxy common stock for each Vintage share. This acquisition will result in the issuance of approximately 28 million Oxy shares and a cash outlay of roughly $1.4 billion by Occidental.
Key Highlights
- 1Oxy has completed its acquisition of Vintage Petroleum, Inc.
- 2Vintage shareholders to receive $20.00 cash and 0.42 Oxy shares per Vintage share.
- 3Oxy to issue approximately 28 million shares of its common stock.
- 4Oxy to pay approximately $1.4 billion in cash for the acquisition.
- 5Oxy will assume approximately $550 million in Vintage's indebtedness.
- 6Incorporation of Vintage's historical financial filings (10-K for 2004, 10-Qs for 2005) and pro-forma financial information from Oxy's S-4 filing.