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Anadarko accepts Occidental bid

Chevron now has four days to respond to Occidental Petroleum's bid on Anadarko, which is described as "superior" by Anadarko's board of directors.

Photo: Anadarko

Anadarko Petroleum Corp.'s board has declared Occidental Petroleum Corp.'s sweetened USD 38 billion takeover "superior," giving Chevron Corp. four days to either boost its offer or walk away from the oil industry's biggest deal in at least four years.

The announcement by Anadarko, which had rebuffed several prior bids from Occidental, comes almost a month after it agreed to be purchased by Chevron for USD 33 billion. Chevron has so far refused to increase its offer, saying its proposal is a better long-term option for Anadarko shareholders. If it decides not to raise the bid, Chevron can walk away with a USD 1 billion breakup fee.

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