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

REUTERS: 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 US$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 US$33 billion offer was superior to Occidental's US$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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

US education groups McGraw-Hill, Cengage plan all-stock mergerEducational publishers McGraw-Hill Education Inc and Cengage Learning Holdings II Inc are planning an all-stock merger, McGraw-Hill said on Wednesday.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »