The daily business briefing: April 12, 2019

Chevron announces $33 billion deal to acquire Anadarko, Disney undercuts Netflix with $6.99 monthly streaming plan, and more

The Chevron logo on a gas station
(Image credit: Justin Sullivan/Getty Images)

1. Chevron to buy Anadarko Petroleum in $33 billion deal

Chevron announced Friday that it would acquire oil and gas producer Anadarko Petroleum in a $33 billion cash and stock deal. The merger plan, which still must meet shareholder and regulatory approval, valued Anadarko at $65 per share. Anadarko's stock surged in pre-market trading, rising by 34 percent to $61.50. Chevron shares edged down by 1.6 percent. If approved, the deal is expected to close in late 2019. "This transaction will unlock significant value for shareholders, generating anticipated annual run-rate synergies of approximately $2 billion, and will be accretive to free cash flow and earnings one year after close," Chevron Chairman and CEO Michael Wirth said in a statement.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.