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Oxy counterbid for Anadarko

US independent Occidental Petroleum has tabled a rival bid for Anadarko Petroleum, valuing the company at $57bn. While the focus of attention is still Anadarko’s US Permian shale assets, Oxy’s $76/share cash and shares bid is significantly higher than Chevron’s $65/share offer. Anadarko rejected an earlier approach from Occidental in early April, opting to accept Chevron’s lower bid. In its Q1 results, Anadarko said it was still on track for a final investment decision on the Mozambique liquefied natural gas project in H1 this year.

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