May 6, 2019 / 10:45 PM / a year ago

Anadarko backs Occidental's revised bid

May 6 (Reuters) - Anadarko Petroleum Corp said on Monday that its board backed a $38 billion bid from Occidental Petroleum Corp, adding pressure on rival Chevron Corp to raise its offer or walk away from the takeover contest.

Occidental submitted a new offer of $76 per share to Anadarko on Sunday, structured as 78 percent cash and 22 percent stock, as opposed to an even cash/stock split previously, removing a requirement for any deal to receive the approval of Occidental's shareholders.

Anadarko said its board has unanimously determined that the revised Occidental proposal constitutes a "superior proposal" and that it intends to terminate the Chevron merger agreement and will pay Chevron a $1 billion termination fee. (Reporting by Shanti S Nair in Bengaluru; Editing by Anil D'Silva)

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