Anadarko Accepts Occidental Bid; Chevron Can Boost Bid or Walk

摘要

Anadarko Petroleum Corp.’s board has declared Occidental Petroleum Corp.’s sweetened $38 billion takeover “superior,” allowing Chevron Corp. to either boost its offer or walk away with a $1 billion breakup fee. The announcement by Anadarko, which had rebuffed several prior bids from Occidental, comes almost a month after it agreed to be purchased by Chevron for $33 billion. Chevron has so far refused to increase its offer, saying its proposal is a better long-term option for Anadarko shareholders. The takeover...