Anadarko Petroleum Corp's board on Monday backed a $38 billion bid from Occ...
FILE PHOTO: Anadarko Petroleum Corporation is seen in The Woodlands, Texas, U.S., April 30, 2019. REUTERS/Loren Elliott/File Photo
The decision capped a series of moves by Occidental to finance and quickly complete its $38 billion deal after Anadarko balked at several earlier offers. Occidental received the board’s endorsement after raising $18.8 billion in cash pledges that allowed it to avoid a vote by its shareholders on the deal.
Anadarko said its board had unanimously determined that the revised Occidental proposal constitutes a “superior proposal” and that it intends to terminate the Chevron merger agreement, a decision that would see it pay Chevron a $1 billion termination fee.
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