Occidental: Skipping shareholder merger vote will make its Anadarko bid superior to Chevron's

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

- Occidental Petroleum Corp said on Monday that its latest bid to take over Anadarko Petroleum Corp was designed to make sure Anadarko’s board considers its offer superior to one from Chevron Corp. Occidental increased the cash component of its $38 billion bid to acquire Anadarko on Sunday, removing a requirement for any deal to receive the approval of Occidental’s shareholders.

Skipping the shareholder vote will allow for “clarity of closing,” which Occidental Chief Executive Vicki Hollub said was why Anadarko board members think Chevron’s $33 billion offer was superior to Occidental’s $38 billion bid - it would not require a Chevron shareholder vote. Occidental did not want to skip the shareholder vote for a merger, but Hollub said it was in the best interest of shareholders to get a deal done without raising the overall price.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Berkshire To Make $10 Billion Investment In Occidental To Finance Anadarko BidBerkshire Hathaway has agreed to make a $10 billion investment in Occidental Petroleum as part of an effort to help the oil company complete a proposed deal to buy Anadarko Petroleum. Why doesn’t he take that 10 billion and invest it in government? Because he’s smart and knows the government is wasteful and that’d be a really stupid thing to do. The prized Anadarko asset are hundreds of thousands of acres of shale oil leases in the Permian Basin in West Texas. Anadarko has declining oil & gas producing assets in the offshore Gulf of Mexico, but the prize are the leases in West Texas. Greetings I will have look at the bid being offered for anadarko,Shell US is not on offer.
Source: WSJ - 🏆 98. / 63 Read more »