Apache Reportedly Rejects Offer From Anadarko Petroleum

(RTTNews) - Anadarko Petroleum Corp. (APC) approached Apache Corp. (APA) about a combination that would be the largest for an independent U.S. oil and gas producer this year, Bloomberg reported citing people familiar with the matter.

But, Apache rejected an initial proposal from its rival and is working with Goldman Sachs Group Inc. to advise on its options. It's unclear whether talks will resume, other bidders may emerge, or Anadarko will walk away, the report said.

During last week-end, Bloomberg reported that Oil and gas exploration and production company Apache rejected unsolicited offer from an unidentified party and was working with financial adviser Goldman Sachs Group Inc. (GS) on defense. The potential buyer sent a letter to Apache in the past few weeks and it was not clear whether talks will resume.

APC closed Tuesday trading at $63.42, down $4.48 or 6.60%. However, in after hours, the stock gained $0.22 or 0.35%.

APA closed Tuesday trading at $53.31, down $0.63 or 1.17%. But, in after hours, the stock gained $0.13 or 0.24%.