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Anadarko to resume talks with Occidental on $57 billion bid

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By Reuters
Anadarko to resume talks with Occidental on $57 billion bid
FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni   -   Copyright  Mario Anzuoni(Reuters)

(Reuters) – Anadarko Petroleum Corp said on Monday it planned to resume talks with Occidental Petroleum Corp over its $57 billion (£44 billion) bid lodged in competition with an earlier bid from Chevron Corp.

Anadarko said its board had unanimously decided that Occidental’s proposal could result in a “superior proposal”, but added that it continued to recommend Chevron’s offer at this point.

Reuters had earlier reported that Anadarko decided on Sunday to begin negotiations to sell itself to Occidental instead, according to people familiar with the matter.

(Reporting by Arathy S Nair in Bengaluru; Editing by Anil D’Silva)