Chevron gives up on Anadarko acquisition

The oil company abandons its giant acquisition of the oil services company and instead boosts equity buy-backs.

Photo: Anadarko

US oil major Chevron will not increase its offer for Anadarko, which is also coveted by Occidental Petroleum.

The decision is made following Occidental recently revising its offer for Anadarko, so a larger share of the proposed purchase price of USD 38 billion will be paid in cash.

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