HOUSTON — Houston-based Occidental Petroleum Corp. (NYSE: OXY) has officially won its bid to acquire The Woodlands-based Anadarko Petroleum Corp. (NYSE: APC).
California-based Chevron Corp. (NYSE: CVX) announced May 9 that it won’t counter Occidental’s $76-per-share offer that Anadarko chose earlier this week. As such, Anadarko is expected to terminate the previously announced deal with Chevron, which will receive a $1 billion breakup fee.
As previously announced, Chevron still plans to increase its share repurchase program 25 percent to $5 billion per year, according to the company’s May 9 press release.
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