Chevron Won't Counterbid for Anadarko

Date : 05/09/2019 @ 1:20PM
Source : Dow Jones News
Stock : Occidental Petroleum Corporation (OXY)
Quote : 41.6  -0.44 (-1.05%) @ 12:59AM
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Last $ 42.05 ▲ 0.45 (1.08%)

Chevron Won't Counterbid for Anadarko

Occidental Petroleum (NYSE:OXY)
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By Micah Maidenberg 

Chevron Corp. is bowing out of the race to take over Anadarko Petroleum Corp., saying Thursday it will instead take a $1 billion termination fee from the company.

"Winning in any environment doesn't mean winning at any cost," Chevron Chief Executive Michael Wirth said in a statement.

Chevron agreed to purchase Anadarko for about $33 billion, but Occidental Petroleum Corp. later offered the oil company $38 billion.

This is a developing story and will be updated shortly.


(END) Dow Jones Newswires

May 09, 2019 09:05 ET (13:05 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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