Finally, in April, Anadarko`s board of directors unanimously chose Chevron because Chevron was a safer deal in the minds of its members than Oxy`s. Wirth has agreed to determine $33 billion, its offer is still firm at $65 per share. Shortly before the signing of the agreement, Anadarko executives increased their own remuneration; Walker`s golden parachute has been estimated at at least $43 million. The two companies entered into the merger agreement the night after the board meeting, and the press release came out the next morning. At one point in our interview, I asked Hollub if she thought Walker had treated her with respect. She thought about it. “I think Al Walker and I had a good relationship and we had a lot of communication until the week before they made a deal with Chevron,” she said. Then she thought about it a bit, and she added, “I would say they were respectful until I lost communication with them, about a week before the deal was announced.” Anadarko holders would receive approximately $US 73.46 for each of their shares, a 57% premium to the closing share price on April 11, the day before Anadarko announced it had a merger agreement with Chevron Corp.; Chevron was then maneuvered by Occidental. Anadarko closed Thursday at $71.98. If Hollub were to expect broad praise for the largest U.S.
oil and gas merger since Exxon bought XTO for $41 billion in 2009, she would soon be disappointed. Wirth explained in his Walkaway statement that “winning in any environment does not mean winning at any prize.” The Oxy team read his words like sour grapes, but the market approved it. At the company`s annual meeting in May, leading investment fund consultant T. Rowe Price called the deal “exceptionally expensive” and threatened to vote against the board. . . .