Chevron Withdraws Offer for Anadarko

May 9, 2019

 

Chevron Corp has abandoned its takeover bid for Anadarko Petroleum, leaving in place Occidental Petroleum‘s higher, $38 billion offer that included more than three times as much cash.

After Warren Buffett came to assist Oxy, which is only one-quarter the size of Chevron, the Houston bidder is likely the winner of the bidding war.

Occidental has said it plans to shed most of Anadarko’s non-shale properties in a deal that would cement its position in the Permian Basin of West Texas and New Mexico, the top U.S. shale field, according to Reuters.