Tronox Inc. was spun off Kerr-McGee Corp. in 2005 and Kerr-McGee was acquired by Anadarko in June 2006 for about $18 billion including debt. Tronox sued Anadarko claiming that Kerr-McGee had improperly ladled 85 years worth of environmental liabilities onto Tronox in order to clean itself up for the Anadarko takeover.
Anadarko’s CEO said:
This settlement agreement with the Litigation Trust and the U.S. Government eliminates the uncertainty this dispute has created, and the proceeds will fund the remediation and cleanup of the legacy environmental liabilities and tort claims. Investor focus can now return to the tremendous value embedded in Anadarko’s asset base, allowing our peer-leading operational and exploration results to again become the basis for valuation. We are grateful to our stakeholders who have maintained their confidence and trust in our people and our assets.
When the bankruptcy court ruled in favor of Tronox in December, the remaining issue between the litigants was whether or not a $10.459 billion offset should have been allowed Anadarko. Apparently Tronox was persuaded because the judge in the case calculated that if the offset was allowed, Anadarko would pay $5.15 billion compared with $14.166 billion if the offset was not allowed. Anadarko and Tronox were scheduled to meet in court again on Friday.
Anadarko’s shares are up nearly 15% Thursday afternoon at $99.19 after posting a new 52-week high of $99.55. The stock’s 52-week low is $73.60.
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.