Merger talks between Occidental Petroleum and Anadarko Petroleum were ongoing when Chevron announced on Friday it would acquire Anadarko for $33 billion, sources tell CNBC.
div > div.group > p:first-child"> The deal announcement by Chevron cut short the talks between Occidental and Anadarko, the sources told CNBC's David Faber, who reported the rival bid by Houston-based Occidental on Friday. The Occidental bid was in the mid-$70s per share and was being structured as a 40% cash deal.
Occidental continues to consider whether it should take the price to shareholders in an unsolicited offer, the sources say.
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