Merger talks between Occidental Petroleum and Anadarko Petroleum were ongoing when Chevron announced it would acquire Anadarko, sources say.
Merger talks between Occidental Petroleum and Anadarko Petroleum were ongoing when Chevron announced on Friday it would acquire Anadarko for $33 billion, sources tell CNBC.
div > div.group > p:first-child"> The deal announcement by Chevron cut short the talks between Occidental and Anadarko, the sources told CNBC's David Faber, who reported the rival bid by Houston-based Occidental on Friday. The Occidental bid was in the mid-$70s per share and was being structured as a 40% cash deal.
Occidental continues to consider whether it should take the price to shareholders in an unsolicited offer, the sources say.
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