US supermajor Chevron is planning a large asset sales programme worth up to $20 billion over the next three years after launching an agreed takeover bid for Anadarko Petroleum that it estimates has a total value of $50 billion.
The cash-plus-shares purchase of Anadarko, worth $33 billion but with debt and minority interests adding a further $17 billion or so, will also see San Ramon, California-based Chevron aim for annual savings of about $2 billion once the merger is completed, which it expects to happen in the second half of this year.
