Chevron pulls out of Anadarko bid battle

Monday, 03 June 2019

Chevron Corp. has pulled out of the bidding battle for Anadarko Petroleum and its Mozambique liquefied natural gas stake and US assets, leaving the way clear for Occidental Petroleum to acquire Anadarko and for French major Total to own the African and LNG assets. Chevron stated it would not back a counter-proposal on its initial $33 billion offer, including a merger agreement, leaving Occidental to acquire Anadarko for $38 billion.

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