Anadarko Petroleum Corp. (APC) announced Monday afternoon that its board had unanimously decided that an acquisition bid from Occidental Petroleum Corp. (OXY) was a better deal than an earlier bid from Chevron Corp. (CVX). Occidental bid $59 in cash and 0.2934 Occidental shares per Anadarko share, after increasing the cash part of the offer ( ). Chevron has until the end of the week to alter its bid or make another proposal, and stands to receive a $1 billion termination fee. Anadarko shares dipped slightly in late trading after the announcement, but are up more than 60% in the past month as the acquisition talks have been publicly in progress.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 06, 2019 18:56 ET (22:56 GMT)
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