Occidental offers more cash in bid for Anadarko
NEW YORK (AP) — Occidental, which is in a bidding war with Chevron to buy oil company Anadarko, revised its offer Sunday and says it found a buyer for Anadarko’s African investments if the deal goes through.
Occidental is still offering $76 a share for each share of Anadarko, the same as its bid from April, but more of it is now in cash. Occidental’s new bid is for $59 in cash and 0.2934 shares of Occidental common stock for each Anadarko share. Its previous bid was $38 in cash and 0.6094 shares of Occidental stock.
Occidental says Total has agreed to buy Anadarko’s African assets for $8.8 billion if the takeover happens.
Anadarko agreed to a deal with Chevron in April, but resurrected talks with Occidental last week.