July 29, 2019 / 10:57 PM / 4 months ago

Anadarko Petroleum sheds new light on Occidental finances ahead of vote

HOUSTON, July 29 (Reuters) - Anadarko Petroleum Corp on Monday released new financial details of its proposed combination with Occidental Petroleum that revealed its acquirer did not expect to generate enough cash to cover its shareholder payments until 2022.

Anadarko amended its merger proxy in response to a lawsuit alleging it provided shareholders with inadequate information on its proposed $38 billion cash-and-stock sale to Occidental. The revisions made clear Occidental’s management projected free cash flow below required dividend payments in each of the next three years. Its shareholders are due to vote on the sale Aug. 8 (Reporting by Gary McWilliams; editing by Diane Craft)

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