Occidental strengthens bid for Anadarko

It will be impossible for shareholders of Occidental Petroleum Corporation to stop the potential acquisition of Anadarko Petroleum, writes Reuters. Occidental has changed the conditions in its bid of USD 38 billion.

Photo: Anadarko

Occidental Petroleum Corporation is now improving its offer to convince Anadarko Petroleum to let itself be acquired by Occidental – and not Chevron. Occidental has thus removed a condition involving the company's shareholders approving the acquisition, writes Reuters.

This is possible because the offer is now based on a payment of 78 percent cash and 22 percent shares, which brings the equity share below the threshold requiring a vote. So far, the offer has been based on a 50-50 distribution.

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