Oxy in swoop for Anadarko. Says its bid superior to Chevron’s

The U.S. oil firm Occidental Petroleum has entered a race with Chevron to buy Anadarko Petroleum. Oxy on Wednesday said the 50-50 cash and stock transaction was valued at $57 billion. The news follows last week’s Chevron’s bid to buy Anadarko, also in stock-cash combination, valued at $50 billion.

Occidental Petroleum on Wednesday said it had delivered a letter to the Board of Directors of Anadarko Petroleum Corporation “setting forth the terms of a superior proposal by Occidental to acquire Anadarko for $76.00 per share, in which Anadarko shareholders would receive $38.00 in cash and 0.6094 shares of Occidental common stock for each share of Anadarko common stock.”

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