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Anadarko dusts off gas float plans


Wire services

Anadarko Petroleum said it will try again to spin off its Western Gas Partners gas gathering unit in an initial public offering.

The company said it has filed a registration statement to sell 18.75 million common units of the master limited partnership with the US Securities & Exchange Commission, with gross proceeds of about $338 million.

Anadarko registered the unit for an IPO in October, but said conditions in late January and early February were not favourable for the offering, Reuters reported.

Underwriters will be granted a 30-day option to purchase up to an additional 2.8 million common units. The common units will be listed on the New York Stock Exchange and traded under the symbol "WES".

After the offering, the public will own about 35% in limited partner interest in Western Gas Partners, or 40% if the underwriters exercise their full option, the company said.

Anadarko will own the remaining equity interests, including the general partner interest.


Wednesday, 30 April, 2008, 02:12 GMT  | last updated: Wednesday, 30 April, 2008, 03:44 GMT

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