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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

Updated 50 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Trump, Melania received COVID vaccine at White House in January — CDC director warns "now is not the time" to lift COVID restrictions.
  2. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals Most states aren't prioritizing prisons for COVID vaccines — Vaccine hesitancy is shrinking.
  3. Economy: Apple says all U.S. stores open for the first time since start of pandemic — What's really going on with the labor market.
  4. Sports: Poll weighs impact of athlete vaccination.
  5. World: Italy tightens restrictions as experts warn of growing prevalence of variants — PA announces new COVID restrictions as cases surge.
  6. Local: Colorado sets timeline for return to normalcy.
Updated 53 mins ago - Politics & Policy

Trump received COVID vaccine at White House in January

Photo: Noam Galai/Getty Images

Former President Trump and former first lady Melania Trump were both vaccinated at the White House in January, a Trump adviser tells Axios.

Why it matters: Trump declared at CPAC on Sunday that "everybody" should get the coronavirus vaccine — the first time he's encouraged his supporters, who have been more skeptical of getting vaccinated, to do so.

Biden administration seeks to allow separated migrant families to reunite in U.S.

Secretary of the Department of Homeland Security Alejandro Mayorkas announced Monday that the Biden administration will explore "lawful pathways" to allow migrant families separated under the Trump administration to reunite in the U.S.

Why it matters: Biden has pledged to reunite the hundreds of families still separated as a result of the Trump administration's "zero tolerance" policy, and signed an executive order last month creating a family separation task force chaired by Mayorkas.