Occidental Petroleum has won out in the race to acquire Anadarko Petroleum after the pair signed a merger deal following the termination of Chevron’s earlier $50 billion agreement.
The two Houston-based independents formalised their merger, which values Anadarko at $57 billion inclusive of debt, hours after US supermajor Chevron said it would not submit a counterproposal or adjust its offer, made in mid-April.
