Occidental Petroleum is making a play for Anadarko Petroleum that values the Houston company at $76 a share, compared with Chevron's $65 offer. (Reed Saxon/AP)Occidental Petroleum Corp. launched a $38 billion bid to acquire Anadarko Petroleum Corp. on Wednesday, threatening to upend the $33 billion deal already on the table with Chevron Corp. Occidental’s bid values Anadarko at $76 per share, with half the purchase price coming in cash and the rest in Occidental stock. Chevron has said it would pay the equivalent of $65 per share, which includes 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. “Chevron is a powerhouse with a huge amount of resources that can pay a higher premium for Anadarko than Occidental can pay,” Selesky said.

Source: Washington Post April 24, 2019 18:23 UTC