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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