Occidental Petroleum Corp., Los Angeles, (NSYE: OXY) plans to acquire Vintage Petroleum Inc., Tulsa, Okla., (NYSE:VPI) for $20 in cash per Vintage share and 0.42 of an Occidental share for each Vintage share, giving the total purchase a value of approximately $3.8 billion. "Vintage's mix of domestic and international assets is complementary to Occidental's existing portfolio of domestic and international opportunities and enhances the competitive ability of the combined company," says Charles C. Stephenson Jr., Vintage chairman and chief executive. "In addition, the structure of this transaction allows Vintage shareholders to realize immediate and potentially continuing value through the blend of cash and stock." The transaction is expected to close in the first quarter of 2006. Credit Suisse First Boston LLC and Lehman Brothers Inc. are financial advisors to Vintage.
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