Jim Cramer -- Apache-Anardarko Deal Could Have Been 'Amazing'
Shares of Apache (APA) - Get Report are down 5% on Wednesday after Anadarko Petroleum (APC) - Get Report announced that has withdrawn its merger proposition.
It would have been "amazing" to put these two companies together, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
In fact, Cramer thinks both stocks would have rallied had they announced a deal, rather than a failure to reach an agreement.
Anadarko had reached out to Apache with an all-stock offer for the company. But Apache management rejected the proposal, the two companies did not engage in any significant negotiation, and that was it.
Maybe the move is being made defensively by Anadarko, to keep other potential acquirers away from itself -- like Cramer's suggestion of ExxonMobil (XOM) - Get Report buying Anadarko.
The announcement of a failed agreement could have also be made to entice Apache shareholders to push for a deal, suggested co-host David Faber.
It's possible that Apache shareholders would have supported this merger, Cramer said. Shares of Apache have not done well recently, down 19% this year and 33% over the past 12 months.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.