Occidental revises bid for Anadarko in buyout battle with Chevron, offers mostly cash

Occidental revises bid for Anadarko in buyout battle with Chevron, offers mostly cash - CNBC

Vicki Hollub, CEO, Occidental PetroleumMary Catherine Wellons | CNBCOccidental Petroleum on Sunday put a revised buyout offer in front of Anadarko Petroleum, offering to pay shareholders in mostly cash as it seeks to derail Chevron's acquisition of the international oil and gas driller.

Occidental is still offering to buy Anadarko for $76 a share but would now pay 78% in cash and 22% in stock. The $57 billion transaction was initially structured as a 50-50 cash-and-stock deal when Occidental first made its public bid for Anadarko nearly two weeks ago.

Anadarko agreed to sell its business to Chevron last month for $65 a share in a 75% stock and 25% cash deal worth $50 billion including debt. Anadarko's board of directors resumed negotiations with Occidental last week after determining the rival bid could be superior to Chevron's offer.

Occidental says the revised offer creates immediate value and makes it more certain the deal will close. [Read More]

Published @ May 5, 2019

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