Anadarko Petroleum Corp. (APC) and its Kerr-McGee unit acted improperly in the 2005 spinoff of Tronox Inc. and may have to pay as much as $14 billion related to environmental cleanup and health claims, a judge ruled. Anadarko plunged 9.3 percent in after-hours trading, cutting its market value to $38 billion. The judge’s ruling yesterday weighed how much money can be recovered from a successor to a polluting company, even after bankruptcy has ostensibly cleaned the slate of obligations. The company said it expects to appeal the ruling. The case stems from Kerr-McGee’s spinoff of its chemicals business and old environmental liabilities as Tronox beginning in 2005. About three months after that transaction was completed, Anadarko offered to buy Kerr-McGee’s oil and natural gas assets for $18 billion. Burdened by environmental debts, Tronox filed for bankruptcy in 2009 and sued Anadarko and Kerr-McGee the same year. A nonjury trial […]