Anadarko to resume talks with Occidental on 'superior' $38 billion bid
- Anadarko Petroleum Corp said on Monday it planned to resume talks with Occidental Petroleum Corp over its $38 billion bid, putting pressure on Chevron Corp to raise its $33 billion offer.
Sources familiar with the matter told Reuters on Sunday that Chevron was unlikely to raise its bid and that Anadarko had decided to begin negotiations to sell itself to Occidental instead. Chevron and Occidental each control land adjacent to Anadarko’s properties and expect a deal will add deposits that can produce supplies for decades using low-cost drilling techniques.
Under the terms of the merger agreement, Chevron has four days after being notified by Anadarko’s board to respond with a counter-offer. Chevron’s share decline had reduced the effective current value of its April 12 offer to $31 billion.
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