April 12, 2019 / 1:36 PM / 8 months ago

Occidental submitted $70 cash per stock bid for Anadarko: source

FILE PHOTO: The unstaffed lobby of the North Dakota regional headquarters of oil producer Occidental Petroleum Corp is seen in Dickinson, North Dakota in this October 14, 2015 photo. REUTERS/Ernest Scheyder/File Photo

NEW YORK (Reuters) - Occidental Petroleum Corp submitted a cash-and-stock bid worth $70 per share for Anadarko Petroleum Corp, a source familiar with the matter said on Friday.

Despite the offer, Chevron Corp announced earlier in the day that it had agreed to acquire Anadarko for $33 billion, offering the equivalent of $65 per share, split between 75 percent stock and the rest in cash.

Reporting by David French; Editing by Nick Zieminski

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