Chevron Won't Counterbid for Anadarko
May 09 2019 - 9:20AM
Dow Jones News
By Micah Maidenberg
Chevron Corp. is bowing out of the race to take over Anadarko
Petroleum Corp., saying Thursday it will instead take a $1 billion
termination fee from the company.
"Winning in any environment doesn't mean winning at any cost,"
Chevron Chief Executive Michael Wirth said in a statement.
Chevron agreed to purchase Anadarko for about $33 billion, but
Occidental Petroleum Corp. later offered the oil company $38
billion.
This is a developing story and will be updated shortly.
(END) Dow Jones Newswires
May 09, 2019 09:05 ET (13:05 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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