5/9/2019, 2:42 PM (Source: TeleTrader)
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Chart for: Chevron Corporation

Chevron decides not to raise Anadarko bid

Chevron Corporation announced on Thursday that it is pulling out of the merger agreement with Anadarko Petroleum Corporation, allowing the four-day period, during which it was expected to match or outbid Occidental Petroleum Corp.'s offer, to expire.

"Winning in any environment doesn’t mean winning at any cost," Chevron’s Chairman and CEO Michael Wirth said commenting on the decision. "Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal," he underlined.

On Tuesday, Anadarko board backed the Occidental's bid of $76 per share, calling it "superior" to the deal with Chevron. The merger agreement will upon expiration be terminated, requiring Anadarko to pay a termination fee of $1 billion to Chevron.

Breaking the News / GG