Anadarko Petroleum (NYSE:APC) has reportedly received a $90 bid from BHP Billiton (NYSE:BHP), pushing the share price of the company up on the day, rising by over 6 percent.
The Daily Mail reported the bid, although they didn't reveal the source of the story.
BHP has been under pressure from shareholders for some time to generate growth through acquisition, as organic growth, while steady and consistent, isn't moving the share price as they want, although BHP has made a nice move since June of 2010, when they dropped to an annual low.
The size of BHP keeps it from being able to buy smaller companies in order to move their numbers.
Anadarko is a good choice for BHP, although uncertainty about their liability in the BP (NYSE:BP) oil spill still weighs on the company, which has a 25 percent stake in the oil well involved.
BHP was trading at $92.77, down $0.03, or 0.03 percent, as of 1:55 PM EST. Anadarko was trading at $75.49, up $4.76, or 6.73 percent.
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