Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer for the company by Chevron, according to a copy of a news release viewed by CNBC.
Half of the new Occidental offer, which was sent via a letter to Anadarko's board on Wednesday,
Chevron announced an agreement on April 12 to buy Anadarko for $33 billion in cash and stock, valuing the oil and gas driller at $65 a share. CNBC later reported there was another bidder for Anadarko, Occidental Petroleum, which was offering mid-$70s per share before Chevron stepped in with its offer.
The Chevron offer, is a 75% stock and 25% cash transaction.The breakup fee for the Chevron-Anadarko deal is said to be 3% of the deal, sources said.
This is a developing story. Check back for updates.
from Top News & Analysis https://cnb.cx/2GyqlAp
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