Occidental Offers To Buy Anadarko Petroleum

(RTTNews) - Anadarko Petroleum Corp. (APC) Wednesday said it received an unsolicited proposal from Occidental Petroleum Corp. (OXY) to acquired the company.

Occidental has offered Anadarko shareholders $38.00 in cash and 0.6094 shares of its common stock for each Anadarko share.

Anadarko has previously agreed to with Chevron Corporation (CVX) under which Chevron would acquire Anadarko in a stock and cash transaction valued at $33 billion or $65 per share.

Anadarko said its board of directors will carefully review Occidental's proposal to determine the course of action that it believes is in the best interest of the company's stockholders.

Anadarko plans to respond to Occidental's proposal upon completing its review. Anadarko has advised its shareholders to take no action at this time.