Occidental Petroleum Corp said on Monday its latest bid to take over Anadarko Pe...
HOUSTON - Occidental Petroleum Corp said on Monday its latest bid to take over Anadarko Petroleum Corp was designed to make sure Anadarko’s board considers its offer superior to one from Chevron Corp, even though it could spark tensions with its own shareholders.
“We weren’t playing on a level playing field,” Occidental Chief Executive Officer Vicki Hollub said on a call with analysts on Monday morning. By raising the cash component, Occidental will not need approval from its shareholders. Several Occidental shareholders oppose the merger, though, including T. Rowe Price Group Inc. The deal also risks the ire of billionaire investor Carl Icahn, who has been amassing a stake in Occidental to challenge its Anadarko offer, according to sources.
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