French oil-and-gas giant Total said Sunday it has entered a deal with Occidental Petroleum Corp. to acquire Anadarko’s assets in Algeria, Ghana and South Africa for $8.8 billion, Reuters reports. The deal, which would be expected to close next year, is contingent on Occidental winning the war to acquire Anadarko.
France’s Total SA said it has agreed with Occidental to buy the African assets of Anadarko for $8.8 billion, should the two U.S. oil and gas companies clinch a deal to combine. This removes the risk of Occidental not being able to shed Anadarko assets it considers non-core to the deal.
The proposed deal is a new twist in the high-stakes battle between Chevron and Occidental to acquire Anadarko in what would be the biggest oil mega-deal in years.