Anadarko Petroleum Corp. (APC) in a bid to raise money to pay for two major acquisitions, is selling its Canadian subsidiary, Canadian Natural Resources, for nearly $4.1 billion.
Anadarko announced in June that it would put CNR up for sale and it had expected to sell for somewhere between $3.5 billion and $5 billion. It is rumored that more divestitures could be in their future plans. In August, the Houston-based oil and gas company said it might sell as much as $10 billion in assets as a result of the purchases of Kerr-McGee and Western Gas Resources with a combined value of $21 billion.
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