General News | Deals - Acquisition, Mergers, Divestitures
Reports: Oxy Bid More than Chevron for Anadarko
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Chevron Corp. and Anadarko Petroleum's unexpected $33B merger deal surprised the industry when it was announced on April 12, 2019.
In the time since the announcement, a report by CNBC has surfaced that Occidental Petroleum was also vying to acquire Anadarko, but lost out despite putting forth a higher bid at over $70/share. In the deal, Chevron ended up paying ~$65/share for Anadarko.
The report also notes that Oxy's offer contained more cash, but Anadarko still ultimately opted to go with the Chevron offer due to "structural issues" with Oxy's offer.
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