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24 Hours Across Africa

Chevron to Buy Andarko Petroleum for $33bn

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Reuters-

Chevron Corp said on Friday it would buy smaller rival Anadarko Petroleum Corp for $33 billion in cash and stock to strengthen its presence in the Permian basin and beef up its LNG business.

The offer of $65 per share represents a 39 percent premium to Anadarko’s Thursday close. Anadarko’s shares soared 33 percent in light premarket trading, while Chevron shares fell 1.5 percent.

“The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater Gulf of Mexico capabilities and will grow our LNG business,” Chevron Chief Executive Officer Michael Wirth said in a statement.

Chevron also said it plans to divest $15 billion to $20 billion of assets between 2020 and 2022.

The enterprise value of deal is $50 billion.

Credit Suisse Securities (USA) LLC is Chevron’s financial adviser, while Paul, Weiss, Rifkind, Wharton & Garrison LLP is its legal adviser.

Evercore and Goldman Sachs are financial advisers to Anadarko, while Wachtell, Lipton, Rosen & Katz and Vinson & Elkins LLP are its legal advisers.

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24 Hours Across Africa

Facebook suspends thousands of apps in response to Cambridge Analytica row

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Facebook Inc said, it has suspended tens of thousands of apps on the social networking platform, as part of the company’s ongoing app developer investigation it began in March 2018 in response to the Cambridge Analytica row.

The suspended apps are associated with about 400 developers, Facebook said, adding that it is not necessarily an indication that these apps were posing a threat to users.

Earlier this year, the company agreed to pay a record-breaking $5 billion fine to the U.S. Federal Trade Commission (FTC) to resolve a government probe into its privacy practices.

The FTC privacy probe was triggered last year by allegations that Facebook violated a 2012 consent decree and inappropriately shared information of 87 million users with British political consulting firm Cambridge Analytica.

Facebook has since agreed to boost safeguards on user data and has put curbs on the amount of information that third-party developers can request from platform users.

“… We’re making progress. We won’t catch everything, and some of what we do catch will be with help from others outside Facebook,” the company said in a blogpost.

Source: Reuters

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24 Hours Across Africa

Female robber escaping through a window at the bank

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A female robber trying to escaping through the window after robbing a bank in Adum area of Kumasi in Ghana.

In the video, the lady threw the money down from the window and jumped down to get the money, but she was caught and arrested by the bank’s security operatives.

The details of the lady is still unknown as at the time of filling this report

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