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By WSJ City
Anadarko Petroleum said a $38bn bid by Occidental Petroleum was superior to an offer it accepted from Chevron, raising the stakes in the battle for the company.
-- Anadarko has told Chevron it will terminate their $33bn deal in favour of
-- It came a day after Occidental sweetened its bid by raising the cash
-- Chevron has four business days to make another offer, Anadarko said,
though that period could be extended.
-- If Chevron doesn't counter and the deal is terminated, Anadarko will owe
it a $1bn breakup fee.
What They Said
A Chevron spokesman said it had received Anadarko's notification and had no further comment at this time. Occidental said it is pleased that Anadarko determined that its offer was superior and looks forward to the next steps.
During a call with investors Monday, Occidental CEO Vicki Hollub (pictured) explained the company's decision to raise the cash portion of its offer. She said it sought to bolster its bid because Anadarko still hadn't declared it superior to the agreement Anadarko struck with Chevron. The strategy appears to have worked.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
May 07, 2019 03:32 ET (07:32 GMT)
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