西方石油和雪佛龙竞购阿纳达科的协同效应及启示

Synergy Effect and Enlightenment of Occidental and Chevron Bidding for Anadarko

西方石油和雪佛龙竞购阿纳达科基本落下帷幕。阿纳达科独特的多元化石油资产投资组合,使其一直都是顶级石油公司收购的选择之一。阿纳达科的资产价值一直被市场低估,其现阶段股价大幅低于估值可能是导致雪佛龙和西方石油竞购该公司的主要原因。阿纳达科的油气资产与雪佛龙有着很强的互补和协同性,而西方石油和阿纳达科除共同在美国陆上有油气资产外,很少有区块重叠和协同,雪佛龙与阿纳达科的协同效益更大。但西方石油为竞得阿纳达科做出了诸多努力,其最初报价为76美元/股,远高于雪佛龙的65美元/股,之后又将现金部分由40%修改为50%,不过仍存在不确定性。直到锁定了100亿美元优先股注资,并将阿纳达科的莫桑比克等非洲资产一揽子出售给道达尔(以收购成功为前提)获得88亿美元现金,并且再次将报价的现金部分提高到59美元,绕开纽交所的规定,消除了交易的不确定性,最终从雪佛龙手中抢得阿纳达科。西方石油管理层超强的执行力是此次竞购成功的关键因素,同时也给予我们一些启示:根据公司既定战略,优选目标,长期跟踪目标资产,在合适契机提出收购;专业公司做专业的事,咨询机构的估值信息可以作为参考;即使目标资产被收购,也有可能存在其他合作机会。

Occidental and Chevron′s bid for Anadarko has come to an end.Anadarko′s unique portfolio of diversified oil assets has made it one of the acquisition choices for top oil companies.Anadarko′s assets have been undervalued by the market,and the main reason for Chevron and Occidental to bid for Anadarko may be that its current share price is significantly lower than the valuation.Anadarko′s oil and gas assets have strong complementarity and synergy with those of Chevron,while Occidental and Anadarko have few block overlap and synergy except for onshore oil and gas assets in the US.Chevron and Anadarko have greater synergies.However,Occidental has made a lot of efforts to compete with Chevron.Its initial quotation was$76/share,much higher than Chevron′s$65/share,and it changed the cash ratio from 40%to 50%,but there was still uncertainty.Then it got a preferred stock of$10 billion,sold a package of Anadarko′s African assets such as Mozambique LNG project asset to Total(on the premise of successful acquisition)to obtain$8.8 billion in cash,increased the cash ratio again to$59,bypassed the shareholders′meeting,knocked out the uncertainty of the transaction,and finally grabbed Anadarko from Chevron.The super executive force of Occidental′s management team is a key factor in the success of this bidding.It also enlightens us that targets should be selected according to the development strategy of the company and long-term tracking of target assets should be carried out to propose acquisitions at the right moment,professional issues should be handled by professional companies and the valuation information of consulting organizations can be used as references,and there may be other opportunities for cooperation even if the target assets are acquired.