Deals
Occidental Seeks Edge Over Chevron Bid by Adding More Cash
- $8.8 billion Africa sale makes ‘deal more likely’: KeyBanc
- Occidental’s Hollub seeking to defeat Chevron’s takeover bid
This article is for subscribers only.
Occidental Petroleum Corp. moved a step closer to sealing its proposed $38 billion acquisition of Anadarko Petroleum Corp. after it sweetened its offer and agreed to sell assets owned by the target company.
Occidental increased the cash portion of its bid to 78 percent from 50 percent on Sunday. It also pledged to cover the $1 billion breakup fee Anadarko would have to pay for abandoning an already-agreed to deal with Chevron Corp., and said Occidental shareholders won’t be required to vote on the takeover.