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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