Chevron bows out of fight for Anadarko

Chevron bows out of fight for Anadarko
FILE - In this April 12, 2019, file photo the logo for Anadarko Petroleum Corp. appears above a trading post on the floor of the New York Stock Exchange. Warren Buffet’s Berkshire Hathaway is financing a bid by Occidental Petroleum for Anadarko, potentially upending Chevron’s $33 billion offer for the energy company. Anadarko and Chevron signed a merger agreement earlier this month, but Anadarko Petroleum said Monday, April 29, that it is now considering an offer from Occidental worth about $57 billion in cash and stock. (AP Photo/Richard Drew, File)

SAN RAMON, Calif. (AP) — Chevron won’t increase its buyout offer for Anadarko, cutting short a potential bidding war with Occidental Petroleum.

Occidental challenged Chevron’s initial bid last month, offering 7 billion in cash and stock, including debt and book value of non-controlling interest. Chevron’s offer was worth about 0 billion by the same metric.

Occidental’s bid gained momentum two weeks ago when Warren Buffett’s Berkshire Hathaway said it would put up 0 billion in financing for Occidental.

Chevron Corp. said Thursday that it won’t make a counteroffer and will let the four-day match period expire.

Anadarko Petroleum Corp. will have to pay a billion fee for terminating its deal with Chevron.