EnergyWatch

Anadarko board faces scrutiny amid USD 38 billion bidding war

Anadarko Petroleum Corp.’s market value has soared 56 percent since a bidding war for the American shale driller kicked off two weeks ago. Yet the company’s directors have managed to step on the toes of almost every player involved.

Anadarko reopened talks with Occidental Petroleum Corp. on Monday after the board sided with investors who said the USD 38 billion offer was likely better than the agreed-upon deal with Chevron Corp. Though Occidental’s been making a run at Anadarko for more than a year, Chevron’s pursuit began in earnest just a few months ago. If Anadarko officially deems Occidental’s bid “superior,” Chevron will be forced to sweeten its offer or drop out altogether.

In a letter published April 24, Occidental Chief Executive Officer Vicki Hollub criticized Anadarko for agreeing to the Chevron deal’s USD 1 billion breakup fee “without even picking up the phone to speak to us” about two separate proposals the same week that were at a “significantly higher value.”

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