Total Backs Out Of Buying Occidental Assets

Total will no longer pursue the acquisition of Occidental’s assets in Ghana, the French supermajor said on Monday, after a snag in the sale of assets in Algeria as part of the Occidental-Anadarko deal last year. When Occidental Petroleum completed one of the largest oil mergers and acquisitions (M&A) of the past few years, buying Anadarko Petroleum and assuming its debt in a transaction valued at a total of US$55 billion, Occidental had signed a binding agreement to sell Anadarko’s assets in Algeria, Ghana, Mozambique,…