CVX Chevron Corporation

By Kimberly Chin 

Anadarko Petroleum Corp. said it would consider Occidental Petroleum Corp.'s $38 billion bid, weeks after the company entered an agreement to be taken over by Chevron Corp. for about $33 billion.

The company said Monday it would resume talks with Occidental after its board had unanimously determined that Occidental's offer could result in a superior proposal to the one offered by Chevron.

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Anadarko said its merger agreement with Chevron remains intact and the board currently "reaffirms its existing recommendation of the transaction." However, the agreement allows the board to resume negotiations with Occidental to seek a superior proposal.

A Chevron spokesman said in a statement that the company believes its agreement with Anadarko provides the best value and most certainty to Anadarko shareholders.

Anadarko's deal with Chevron includes $1 billion breakup fee.

Shares of Occidental fell 2.5% in premarket trading while shares of Anadarko were flat. Chevron's shares were also unchanged.

Last week, Occidental offered Anadarko a cash-and-stock deal of $76 a share -- or about $11 a share more than the value of the Chevron transaction on the day it was announced, April 12. Occidental's offer would mean $38 in cash and 0.6094 of a share of Occidental stock per each of Anadarko's stock.

Anadarko had entered an agreement with Chevron to be acquired in a cash-and-stock deal where shareholders would receive $16.25 in cash and 0.3869 of a share of Chevron stock in each of Anadarko common shares.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

April 29, 2019 08:18 ET (12:18 GMT)

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