A bidding war is breaking out over Anadarko Petroleum, with Occidental making an offer of $76 per share in cash and stock that it says is about a 20% premium to Chevron’s $33 billion deal.
Occidental Petroleum Corp. said in a letter to Anadarko’s board on Wednesday that its bid would give Anadarko shareholders $38 in cash and 0.6094 shares of Occidental stock for each Anadarko share.
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Occidental puts the value of its deal at $57 billion, including debt and book value of non-controlling interest.
