Occidental Petroleum Corp increased the cash component of its $38 billion bid to...
- Occidental Petroleum Corp increased the cash component of its $38 billion bid to acquire Anadarko Petroleum Corp on Sunday, removing a requirement for any deal to receive the approval of Occidental’s shareholders.
Occidental is trying to convince Anadarko to accept its offer and abandon its agreed $33 billion sale to Chevron Corp. Anadarko said on Monday that Occidental’s bid could be potentially superior to the deal with Chevron, but negotiations are continuing. Occidental submitted a new $76 per share offer to Anadarko on Sunday structured as 78 percent cash and 22 percent stock, as opposed to an even cash/stock split in its $76 per share offer previously.
“The financial support of Berkshire Hathaway as well as the agreement we announced with Total allows us to delever our balance sheet while focusing our integration efforts on the assets that will provide the most value for us,” Occidental Chief Executive Vicki Hollub said in a statement announcing the amended terms.
Should Anadarko abandon Chevron for Occidental, it will have to pay Chevron a $1 billion deal breakup fee.
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