REUTERS: Anadarko Petroleum Corp, the U.S. oil and gas exploration and production company that agreed this month to sell itself to Chevron Corp for US$33 billion, decided on Sunday to begin negotiations to sell itself to Occidental Petroleum Corp instead, according to people familiar with the matter.
Anadarko will now kick off negotiations with Occidental to see if it can finalize a deal, the sources said. If it does, Chevron will be given a chance to match the new deal. If Chevron finally loses out to Occidental, Anadarko would have to pay Chevron a US$1 billion break-up fee, according to the terms of their agreement.The sources asked not to be identified because the matter is confidential.
The acquisition of Anadarko would add nearly a quarter million acres to Occidental's holdings in the Permian shale basin, and double its global oil and gas production to 1.4 million barrels of oil equivalent per day.
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