Updates
November 13, 2015: Anadarko withdrew its bid for Apache.
November 10, 2015: it wasn't "China" that approached Apache recently; it was Anadarko.
Anadarko:
- market cap: $33 billion
- enterprise value: $50 billion
- debt: $17 billion
- cash: $2.0 billion
- natural gas
- Colorado, Wattenberg field, Denver-Julesburg (DJ) Basin
- Apache with oil in the Permian would be a good fit
Original Post
BloombergBusiness is reporting:Apache Corp., the oil and natural gas company worth more than $18 billion, has received an unsolicited takeover approach, according to people familiar with the matter.
The Houston-based company rejected the initial offer and is working with financial adviser Goldman Sachs Group Inc. on defense, said the people, who asked not to be identified because deliberations are private. The potential buyer, who could not immediately be identified, sent a letter to Apache in the past few weeks and it’s unclear whether talks will resume, one of the people said.
A spokesman for Apache couldn’t immediately be reached for comment outside of regular business hours. A representative for Goldman Sachs declined to comment.
Apache on November 5, 2015, reported a smaller-than-expected adjusted loss and boosted its 2015 production forecast.
It’s one of the biggest leaseholders in the Permian Basin in western Texas, the largest U.S. shale play and the only one where oil output has continued to grow even as drillers slash spending and idle rigs. It also explores in Egypt, the Gulf of Mexico, Canada and the Eagle Ford and Woodford shale basins in the U.S.
A deal for Apache would be the largest for an independent oil and gas producer in the U.S. this year. Noble Energy Inc. bought Texas shale driller Rosetta Resources Inc. for $3.9 billion, including assumed debt, in an all-stock transaction in July.Over at Yahoo!Finance:
- market cap: $18 billion
- enterprise value: $25 billion
- debt: $9 billion
- cash: $1.7 billion
- 378 million shares x $1.00/share annual dividend = $378 million
- 52-week high at almost $80/share = a market cap of $30 billion sometime in the past 52 wks
- 60% of $30 billion = $18 billion
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Weyerhaeuser will buy Plum Creek: will become a $23-billion timber, land, and forest products company.
