Anadarko Higher Premarket On Another Report Of BHP Interest |
| Wall Street Journal - Dec 30, 2010 |
Shares of Anadarko Petroleum Corp. (APC) got a boost in premarket trading Thursday after the U.K.'s Daily Mail reported BHP Billiton (BHP.AU, BHP) may be preparing an offer worth $90 a share for the oil and gas exploration company.
Speculation about BHP's interest in Anadarko isn't new. In early September, The Australian newspaper suggested without citing sources that BHP was circling Anadarko. That report preceded BHP's withdrawal of its $38.6 billion bid for Potash Corp. of Saskatchewan Inc. (POT, POT.T) and the failure of a planned $116 billion iron-ore production venture with Rio Tinto PLC (RTP, RIO.LN). Those deals fell through, and BHP has reportedly been on the hunt for attractive new targets.
Thursday's report in the Mail didn't include any other details about the potential bid and didn't name sources.
A representative from Anadarko wasn't immediately available for comment, while one from BHP wouldn't comment.
Anadarko shares were up 4.8% to $74.10 in premarket trading, well below the Mail's potential price tag. Such a bid would value the company at about $45 billion. The stock's all-time high, set in mid-2008, was just over $80.
Read Full Article from Wall Street Journal
- Posted: 2010-12-30 09:06:30
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