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5/7/2019, 2:52 AM (Source: TeleTrader)
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Anadarko: Occidental bid superior to Chevron's

Anadarko Petroleum Corp. board backed Occidental Petroleum Corp. bid, saying it is "superior" to the deal with Chevron and added it intends to "terminate the Chevron merger agreement in order to enter into a definitive merger agreement with Occidental."

Chevron has until May 10 to counter Occidental's proposal. Anadarko said that if the deal with Chevron fails, it will pay the company a $1 billion termination fee.

Occidental revised its bid for the acquisition of Anadarko and offered $76 per share. Chevron reached an agreement in April to buy Anadarko offering $65 per share.

Breaking the News / KP