5/6/2019, 4:59 AM (Source: TeleTrader)
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Occidental increases cash portion of Anadarko bid

Occidental Petroleum Corp. revised upwards its bid for the acquisition of Anadarko Petroleum Corp. Under newly announced conditions, Occidental's shareholders won't be required to vote to approve the deal. Occidental offered $76 per share, or $59 in cash and 0.2934 shares of its common stock per share of Anadarko common stock.

The revised proposal represents a 23.3% premium to the $61.62 per share offer of Chevron Corp.'s pending offer. Anadarko recently said it will reinitiate talks with Occidental Petroleum despite previously agreeing to be bought by Chevron on April 11.

Last week, Berkshire Hathaway Inc. announced it will invest $10 billion in Occidental, contingent on the company completing its proposed takeover of Anadarko.

Breaking the News / MA