Photo: RJ Sangosti/The Denver Post via Getty Images

Last night Occidental Petroleum sweetened its offer to trump Chevron's plan to purchase Anadarko Petroleum.

Where it stands: Occidental changed its $76-per-share offer to be 78% cash and 22% stock, compared to the 50-50 split in their prior bid, as they try and snatch Anadarko away from Chevron, a much larger company.

  • "Our revised proposal represents a premium of approximately 23.3% to the $61.62 per share value of Chevron’s offer as of Friday’s market close," Occidental said in a letter to Anadarko's board Sunday.
  • The letter notes that the revised offer would not require approval from Occidental's shareholders, some of whom oppose the deal.

Why it matters: It's the latest twist in what will be the biggest oil megadeal in years, however it turns out.

  • Late last month Occidental said its total offer, including debt, was valued in the $57 billion range based on its share price at the time.
  • It shows how powerful oil companies are keen to bolster their holdings in the booming Permian Basin region, where Anadarko has significant acreage.

But, but, but: Anadarko said in a statement last night that they're not ready to switch horses, while pledging to carefully review the revised offer.

  • "The Chevron Merger Agreement remains in effect and accordingly the Anadarko board reaffirms its existing recommendation of the transaction with Chevron at this time."

The intrigue: The revised offer arrived just hours after another new wrinkle. Occidental and oil-and-gas behemoth Total announced earlier Sunday that Total would pay $8.8 billion for Anadarko's African assets if the Occidental-Anadarko deal happens.

  • Between the lines: This signals how Occidental is seeking to show that it’s well-positioned to emerge from the expensive transaction in a strong position, even though Chevron has much deeper pockets.
  • That move arrived just days after Warren Buffett pledged to invest $10 billion to help finance Occidental's takeover bid.

Go deeper: Warren Buffett enters Anadarko bidding war with $10 billion commitment

Go deeper

Two officers shot in Louisville amid Breonna Taylor protests

Police officers stand guard during a protest in Louisville, Kentucky. Photo: Ben Hendren/Anadolu Agency via Getty Images

Louisville Metro Police Department said two officers were shot downtown in the Kentucky city late Wednesday, just hours after a grand jury announced an indictment in the Breonna Taylor case.

Driving the news: Metrosafe, the city's emergency services, said it received reports of a shooting at South Brook St. and Broadway Ave., near the area where protests were taking place. A police spokesperson told a press briefing the injuries of both officers were not life-threatening. One officer was "alert and stable" and the other was undergoing surgery, he said.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

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