Anadarko Petroleum’s board of directors said on Monday, May 6, that Occidental Petroleum’s buyout offer is superior to its agreement to sell its business to Chevron, putting the deal with the oil giant in jeopardy.
The reversal marks the latest twist in a rare bidding war in the oil and gas sector. Chevron now has four days to counter Occidental’s latest bid for Anadarko, an oil and gas driller with prized assets in the US Permian Basin, the Gulf of Mexico and Africa.
Chevron reached an agreement last month to buy Anadarko for US$33 billion, or US$65 a share. Shortly after, Occidental offered US$55 billion, or US$76 a share, reported The Financial Times. Occidental on Sunday sweetened its bid by offering to pay mostly cash for Anadarko, after earlier structuring the transaction as a 50-50 cash-and-stock deal.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Plaintiffs Seek Communications In Antitrust Case Against Pioneer
May 9, 2024 by
CPI
UK Government Approves Vodafone-Hutchison Merger
May 9, 2024 by
CPI
Senate Majority Leader Announces Plan for AI Regulation Framework
May 9, 2024 by
CPI
BBVA Initiates Aggressive Takeover Bid for Sabadell
May 9, 2024 by
CPI
TikTok to Label AI-Generated Content Amid Election Interference Concerns
May 9, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI