Anadarko reopened talks with Occidental Petroleum Corp. on Monday after the board sided with investors who said the $38 billion offer was likely better than the agreed-upon deal with Chevron Corp. Though Occidental’s been making a run at Anadarko for more than a year, Chevron’s pursuit began in earnest just a few months ago. If Anadarko officially deems Occidental’s bid “superior,” Chevron will be forced to sweeten its offer or drop out altogether.
“It is messy. They jumped on the Chevron offer, leaving this one mystifyingly unaddressed,” said Craig Pirrong, director of the Global Energy Management Institute at the University of Houston. “The board should have been happy to have multiple bidders rather than stiffing one and focusing exclusively on the other.”
Anadarko did not immediately respond to a request for comment. In an earlier statement, the company said Occidental’s most recent bid reflected a “significant improvement” compared to previous offers.
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