May 5, 2019 / 6:56 PM / 2 months ago

Occidental to sell Anadarko's African assets to Total SA for $8.8 billion if it buys Anadarko

The logo of Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

(Reuters) - Occidental Petroleum Corp said on Sunday it entered a binding agreement to sell Anadarko Petroleum Corporation’s assets in Algeria, Ghana, Mozambique and South Africa to Total S.A for $8.8 bln if it succeeds in completing its proposal to acquire Anadarko.

After the sale of these assets, Occidental said it expects to deliver $2 billion of annual cost synergies and $1.5 billion of annual capital reductions from its proposed acquisition of Anadarko.

Reporting by Philip George in Bengaluru; Editing by Andrea Ricci

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