Occidental offers to buy Anadarko in US$57 billion deal, topping Chevron

Oil and gas producer Occidental Petroleum Corp on Wednesday offered to buy rival Anadarko Petroleum Corp in a US$57 billion deal, topping Chevron Corp’s agreement to buy Anadarko for US$50 billion.

The Occidental Petroleum Corp headquarters in Los Angeles
FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni

REUTERS: Oil and gas producer Occidental Petroleum Corp on Wednesday offered to buy rival Anadarko Petroleum Corp in a US$57 billion deal, topping Chevron Corp’s agreement to buy Anadarko for US$50 billion.

Both cash-and-stock deals include Anadarko’s debt.

Occidental’s US$76 per share offer comprises US$38 in cash and 0.6094 shares of Occidental for each share of Anadarko, representing a premium of 19 percent to Anadarko’s closing price on Tuesday.

(Reporting by Debroop Roy in Bengaluru; Editing by Saumyadeb Chakrabarty)