Chevron Pulls Out Of Anadarko Bidding War With Oxy

HOUSTON — Occidental Petroleum's bid to acquire Anadarko Petroleum won out over Chevron, who announce Thursday they were withdrawing their bid for The Woodlands-based company.

Oxy made its initial push to acquire Anadarko in April, offering $76 per share which countered Chevron's $33 billion package deal.

Anadarko initially accepted Chevron's offer, but Occidental kept sweetening the deal until Anadarko announced earlier this week that they'd been swayed by Oxy.

"We look forward to signing a merger agreement with Anadarko and realizing value for our shareholders as soon as possible," Oxy said in a prepared statement on Thursday.

Oxy had a lot of help it its quest to acquire Anadarko from Warren Buffet and Berkshire Hathaway who committed $10 billion to help seal the deal, as well as agreeing to sell off Anadarko's African assets to France-based Total for $8.8 billion.

“Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal,” Chevron Chairman and CEO Michael Wirth said in a press release Thursday.

Chevron won't leave completely empty handed, however. The oil giant will receive $1 billion break up fee as a result.

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