FILE PHOTO: Anadarko Petroleum Corporation is seen in The Woodlands, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photo
May 6, 2019
(Reuters) – Anadarko Petroleum Corp said on Monday that its board backed a $38 billion bid from Occidental Petroleum Corp, adding pressure on rival Chevron Corp to raise its offer or walk away from the takeover contest.
Occidental submitted a new offer of $76 per share to Anadarko on Sunday, structured as 78 percent cash and 22 percent stock, as opposed to an even cash/stock split previously, removing a requirement for any deal to receive the approval of Occidental’s shareholders.
Anadarko said its board has unanimously determined that the revised Occidental proposal constitutes a “superior proposal” and that it intends to terminate the Chevron merger agreement and will pay Chevron a $1 billion termination fee.
(Reporting by Shanti S Nair in Bengaluru; Editing by Anil D’Silva)
