4/24/2019, 1:07 PM (Source: TeleTrader)
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Occidental Petroleum tops Chevron's bid for Anadarko - report

Occidental Petroleum launched a bid of $76 per share for Anadarko Petroleum, valuing the company at $57 billion and topping Chevron's already accepted offer of $65 per share, CNBC reported on Wednesday citing a news release.

"Occidental believes its proposal is superior both financially and strategically for Anadarko’s shareholders, creating a global energy leader with the scale and geographic diversification to drive growth and deliver compelling value and returns to the shareholders of both companies," Occidental stated. "The combined company will be uniquely positioned to leverage Occidental’s demonstrated operational and technical expertise, producing greater anticipated synergies than Anadarko’s pending transaction," it added.

Earlier this month, Chevron announced it reached a deal with Anadarko to buy the company for $33 billion in cash and stock. It is still not known if Anadarko's board will accept Occidental's offer instead.

Breaking the News / NP