Chevron abandons purchase of Anadarko, yields victory to Occidental

0
5

WASHIGNTON- US oil giant Chevron said on Thursday that it would not make a counter-offer for Anadarko Petroleum, yielding victory to its competitor Occidental Petroleum which is expected to take over the American oil group.

Occidental Petroleum Corp. will move forward with its $38 billion takeover of Anadarko Petroleum Corp., the oil industry’s biggest deal in at least four years, after Chevron Corp. bowed out of the bidding.

Anadarko said late on Thursday it reached a definitive agreement to sell itself to Occidental and that it has paid a $1 billion breakup fee to Chevron, which earlier elected not to sweeten its offer for the independent producer. The world’s third-largest oil explorer by market value said it will instead increase its share buybacks by 25%. Occidental confirmed it will go ahead with the acquisition.

APS/Bloomberg.

 

WHO IS DZ BREAKING?

 

 

 

An Algerian news website aims at covering all the country’s territory through providing objective and positive image, focusing the most on breaking news.

A dynamic team is working on feeding the website by credible information in all fields of life; a reliable network composed of specialized elements working in harmony with our team in Algiers, the website’s headquarter, provides us more coverage and simultaneity.

“English” is what makes us different in Algeria and ranks us first too not only as a news website; English also makes it simple and fast for Anglophone world to discover our country.

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here