Reportedly Apache Corp Received Unsolicited Takeover Move

Reportedly Apache Corp Received Unsolicited Takeover MoveSources familiar with the matter said that Apache Corp, headquartered in Houston, Texas, U.S has received an unsolicited takeover bid. The oil and natural gas company has operations in the U.S, Canada, Egypt and other countries and is worth more than $18 billion.

One of the sources said that the company has rejected an initial offer but is working with Goldman Sachs Group Inc, its financial adviser on defense. Apache received a letter from the buyer in the last few weeks and it is not clear if the talks will recommence.

Neither the company spokesman nor Goldman Sachs representative commented on the issue.

On November 5, Apache reported a lesser than expected adjusted loss along with boosting production forecast for2015. The company is among the largest leaseholders in the Permian Basin in western Texas. It is the only area where the U.S. shale oil producers have continued to grow the oil output even when other drillers have trimmed spending by keeping the rigs idle.

Shares of Apache dropped fifty four percent from its 2014 peak with slipping crude prices as the global markets faced a supply glut.