Shares of Anadarko Petroleum (APC) gapped higher right out of the gate Thursday morning, thanks to a report that BHP Billiton (BHP) may be eyeing the firm as a potential takeover target. According to the U.K.'s Daily Mail, BHP could be prepping an offer worth $90 per share to acquire Anadarko. However, neither company has issued a formal response to the speculation.
After jumping to a new annual high of $76.50 bright and early Thursday morning, APC is on pace to notch a weekly finish atop the $70 level for the first time since April 23. In fact, if the shares can maintain their positive momentum through Friday's close, the shares could stage their first weekly victory north of $75 since June 2008.