Ford investing $500 million in Amazon-backed electric truck startup Rivian for new vehicle - Fox News

Ford is investing $500 million in the electric vehicle startup Rivian, and will sell a vehicle built on the company’s platform in the coming years, the companies announced Wednesday.

Rivian unveiled its own all-electric pickup and SUV models at the Los Angeles Auto Show in November with plans to put them into production late next year at its factory in Normal, Ill. At the time, the company said it was open to licensing the technology to other brands.

Both models are built on a shared “skateboard” style chassis that incorporates the drivetrain and battery pack and can be modified to accommodate a variety of body types.

Rivian recently completed a $700 million investment round led by Amazon and was reportedly in discussions with General Motors to create a similar partnership to the one being forged with Ford.

ELECTRIC FORD F-150 SPOTTED:

Ford CEO Jim Hackett did not reveal the type of vehicle that will be created, or when it will go on sale, but confirmed that it will be in addition to the electric Mustang-inspired SUV and Ford F-150 the automaker currently has in development.

“There’s a lot we can learn from Rivian’s clean sheet approach,” said Ford President Joe Hinrichs.

Rivian’s first two models feature four electric motors, air suspension systems and promise a per-charge range as high as 400 miles. Both are aimed at the premium segment and are expected to start at $69,000.

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2019-04-24 13:22:52Z
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Chevron And Occidental Start Bidding War For Anadarko - OilPrice.com

Occidental Petroleum said on Wednesday that it is proposing to buy Anadarko at a higher price than the one Anadarko had accepted from Chevron, potentially opening a bidding war for one of the U.S. companies with the strongest positions in the Permian.

Occidental Petroleum sent a letter to Anadarko’s board of directors today, offering “a superior proposal” to buy Anadarko for $76.00 per share, in which Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock.

The $76.00 per share cash-and-stock proposal from Occidental represents a premium of around 20 percent to the current value of the transaction with Chevron that Anadarko had accepted, Occidental said in a statement. 

“The 50-50 cash and stock transaction is valued at $57 billion, based on Occidental’s closing price on April 23, 2019, including the assumption of net debt and book value of non-controlling interest,” according to Occidental.

Less than two weeks ago, Chevron said that it had entered into a definitive agreement to buy Anadarko in a stock and cash transaction valued at US$33 billion that will boost Chevron’s position in the Permian, the Gulf of Mexico, and in liquefied natural gas (LNG). The acquisition consideration is structured as 75 percent stock and 25 percent cash, providing an overall value of US$65 per share based on the closing price of Chevron stock on April 11, 2019. Related: Trump’s Hardline On Iran Catches Markets Off-Guard

The total enterprise value of the Chevron-Anadarko transaction is US$50 billion, including the assumption of net debt and book value of non-controlling interest, while Occidental’s offer values a potential transaction at US$57 billion.

In the letter to Anadarko’s board today, Occidental said that it had made three acquisition proposals to Anadarko since late March and it was “surprised and disappointed” that the board had not engaged with Occidental on them.

“We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them. We look forward to engaging immediately with Anadarko's Board and stakeholders to deliver this superior transaction,” Occidental’s president and CEO Vicki Hollub said in a statement.

Following Occidental’s bid, Anadarko shares shot up 11 percent in pre-market trade on Wednesday.

By Tsvetana Paraskova for Oilprice.com

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2019-04-24 13:00:00Z
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Trump Spends Meeting With Twitter's Jack Dorsey Whining About His Follower Count - TPM

President Donald Trump is completely hung up on his Twitter follower count. And he let the social media giant’s CEO know it.

According to a Washington Post report, Trump spent much of Tuesday’s meeting with Twitter’s Jack Dorsey, among others, complaining that the site was artificially deflating how many followers he has.

Dorsey reportedly tried to soothe the President, telling him that fluctuating follower counts often indicate Twitter’s attempt to purge bots or fake accounts from the site.

Donald Trump Jr. has also trumpeted his fears about “shadow-banning,” a term for social media platforms allegedly suppressing conservative voices. The platforms have insisted on their impartiality in the face of the accusations.

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2019-04-24 12:17:00Z
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Occidental offers $57 billion for Anadarko, topping Chevron - Yahoo Finance

FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni

By Debroop Roy

(Reuters) - Oil and gas producer Occidental Petroleum Corp sought to scuttle Chevron Corp's takeover of Anadarko Petroleum Corp on Wednesday with a $57 billion bid that raises the prospect of the first hostile battle for a major oil company in years.

The surprise $76-per-share proposal comes after Occidental repeatedly said in recent weeks that it had been trying to woo Anadarko in an effort to become the largest producer of oil in west Texas's Permian basin, where production has boomed in recent years.

Occidental's bid pushed Anadarko's share price in premarket trading above the $65 per share offered by Chevron. It said it had boosted the cash portion of its offer to 50 percent, up from earlier offers. Chevron deal comprised 25 percent cash and 75 percent stock.

A deal would make Occidental the largest producer in the lucrative Permian, with total production of 533,000 barrels of oil equivalent production per day, the company said.

Shares of Anadarko were up more than 14 percent at $73 in premarket trading, while Occidental shares were down 8 percent at $57.38.

Occidental said on Wednesday in a letter to Anadarko's board that it had made two proposals of "significantly higher value" to that made by Chevron since April 8.

Anadarko would also be liable to pay Chevron a $1 billion break-even fee if its board chooses to go with Occidental's offer.

"It is unfortunate that Anadarko agreed to pay a break up fee of $1 billion, representing approximately $2 per share, without even picking up the phone to speak to us after we made two proposals during the week of April 8," Occidental President and Chief Executive Officer Vicki Hollub said in a letter to Anadarko's board on Wednesday.

Some analysts were skeptical of the offer.

"This is not a smart move on part of Occidental given the difference of size between the two companies," said Raymond James analyst Muhammed Ghulam.

"Chevron is much bigger and has the resources to combine the two companies and has significant deep water experience," Ghulam said, referring to Anadarko's significant deep water Gulf of Mexico assets.

Analysts have said they expect the industry to consolidate more as small oil producers, who revolutionized the sector through advances in horizontal drilling and hydraulic fracking, have had to cut spending as investors press for higher returns and their stock prices languish.

The Permian produces about 4 million barrels per day, and is expected to hit 5.4 million bpd by 2023, according to IHS Markit, more than the total production of any OPEC country other than Saudi Arabia.

Occidental's $76 per share offer comprises $38 in cash and 0.6094 of its shares. The offer represents a premium of 19 percent to Anadarko's closing price on Tuesday and 62 percent to the closing price on April 11, the day before Chevron made its bid.

Under Chevron's $65 per share bid, Anadarko shareholders are set to receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share.

Chevron's shares fell 0.5 percent after the announcement while Occidental was trading down 4.5 percent at $59.55.

(Reporting by Debroop Roy in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva)

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2019-04-24 12:32:00Z
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Occidental Petroleum bids $76 a share for Anadarko, trumping Chevron offer for the oil and gas driller - CNBC

Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller.

The new Occidental offer, which was sent via a letter to Anadarko's board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. It values Anadarko at $57 billion, including debt.

Chevron announced an agreement on April 12 to buy Anadarko for $33 billion in cash and stock, valuing the company at $65 a share. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer.

After the new Occidental bid, Anadarko shares surged 10% in Wednesday's premarket trading, to above $70.

The Chevron offer is a 75% stock and 25% cash transaction. The breakup fee for the Chevron-Anadarko deal is said to be 3% of the deal, sources said.

"Anadarko has great assets," Occidental CEO Vicki Hollub said in a interview on CNBC's "Squawk Box" on Wednesday. "We are the right acquirer ... because we can get the most out of the shale."

Hollub said she considers this a friendly offer, even though Anadarko may not see it that way. The offer is 20% above where Anadarko was trading on Tuesday.

Occidental shares fell more than 7 percent in Wednesday's premarket. Chevron, whose stock was flat, did not immediately return a call for comment.

— With reporting by Tom DiChristopher

This is a developing story. Check back for updates.

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2019-04-24 12:08:26Z
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Occidental Petroleum bids $76 for Anadarko, trumping Chevron offer for the oil and gas driller - CNBC

Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller.

The new Occidental offer, which was sent via a letter to Anadarko's board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. It values Anadarko at $57 billion, including debt.

Chevron announced an agreement on April 12 to buy Anadarko for $33 billion in cash and stock, valuing the company at $65 a share. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer.

After the new Occidental bid, Anadarko shares surged 10% in Wednesday's premarket trading, to above $70.

The Chevron offer is a 75% stock and 25% cash transaction. The breakup fee for the Chevron-Anadarko deal is said to be 3% of the deal, sources said.

"Anadarko has great assets," Occidental CEO Vicki Hollub said in a interview on CNBC's "Squawk Box" on Wednesday. "We are the right acquirer ... because we can get the most out of the shale."

Hollub said she considers this a friendly offer, even though Anadarko may not see it that way. The offer is 20% above where Anadarko was trading on Tuesday.

Occidental shares fell more than 7 percent in Wednesday's premarket. Chevron, whose stock was flat, did not immediately return a call for comment.

— With reporting by Tom DiChristopher

This is a developing story. Check back for updates.

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2019-04-24 11:00:12Z
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Ifo economist: Data points to German economic growth being weaker than 0.8% forecast - ForexLive

Comments by Ifo economist, Klaus Wohlrabe

• Industrial sector is dragging the economy down
• Domestic economy remains important pillar of support
• Brexit decision delay did not help German business climate

ForexLive

For some context, the 0.8% forecast he's talking about is Ifo's own projection. The German government itself already sees economic growth this year as being at 0.5%. The sluggish result from the Ifo data earlier basically suggests that economic headwinds continue to blow strongly in the German economy as we begin Q2, so hopes for any solid economic rebound will have to wait just a little longer.

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2019-04-24 08:28:56Z
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