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Apache Corp rejects takeover approach

November 9, 2015
News

U.S. oil and gas company Apache Corp (APA.N) has rejected a takeover approach from an unidentified party and is working with Goldman Sachs on a defense, according to a report by Bloomberg on Sunday, which cited people familiar with the matter.

The potential buyer sent a letter to Apache in the “past few weeks,” according to one source cited in the report. It was not clear if the talks would resume, the report said.

Reuters was unable to reach spokespeople for Apache on Sunday evening.

Apache reported a much smaller-than-expected quarterly loss on Thursday and joined a growing list of U.S. oil producers in raising its full-year production forecast even as many of them cut spending.

(Reporting by Edward Krudy; Editing by Jonathan Oatis and Andrea Ricci)

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