Occidental Ups the Ante on Anadarko With Bid Valued at $57 Billion

A bidding war is breaking out over Anadarko Petroleum, with Occidental making an offer that it says is about a 20% premium to Chevron's deal announced earlier this month.Occidental Petroleum Corp. said in a letter to Anadarko's board on Wednesday that its bid is worth $76 per share in cash and stock and would give Anadarko shareholders $38 in cash and 0.6094 shares of Occidental stock for each Anadarko share.Occidental puts the value of its deal at $57 billion, including debt and book value of non-controlling interest. Chevron's deal was valued at $33 billion in cash and stock, or $50 billion including debt and book value of non-controlling interest.  Continue reading...