Anadarko: Occidental Offer 'Superior' to Chevron's
07 May 2019 - 5:47PM
Dow Jones News
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.
KEY FACTS
-- Anadarko has told Chevron it will terminate their $33bn deal in favour of
Occidental's offer.
-- It came a day after Occidental sweetened its bid by raising the cash
portion.
-- 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.
Occidental's Thinking
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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