Anadarko gets Canadian approval to buy Berkley Petroleum

Posted: Thursday, March 15, 2001

CALGARY, Canada (AP) -- Houston-based Anadarko Petroleum Corp. said Wednesday that it has received regulatory approval of its proposed billion-dollar takeover of Berkley Petroleum Corp.

Anadarko, which has moved aggressively into Alaska, said its offer was approved under the Investment Canada Act and the Competition Act. The offer expired Wednesday evening.

The Berkley board of directors supported Anadarko's white-knight offer when it was announced Feb. 12, eclipsing a bid by Dallas-based Hunt Oil Co.

Anadarko offered $11.40 per share Canadian in cash for all of Berkley, which will boost the Texas company's oil and gas holdings in Canada to 18,800 square kilometers in the Mackenzie Delta, northeastern British Columbia, the Alberta foothills, and the Scotian Shelf.

Berkley shares closed unchanged at $11.36 on the Toronto stock market Wednesday. Anadarko was down 88 cents at $64.73.

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