Updated May 9, 2019

Anadarko enters into merger agreement with Occidental

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Chevron said Thursday that it would not increase its bid to buy Anadarko, leaving the prize to Occidental while walking away with a $1 billion breakup fee.

The latest: Anadarko announcing on Thursday evening that it has entered into a “definitive merger agreement” with Occidental, expected to close in the second half of 2019.

Why it matters: The move seemingly ends the high-stakes battle to obtain Anadarko and its attractive acreage in the Permian Basin region of Texas, the heart of the U.S. oil boom.

What they're saying: "We look forward to signing a merger agreement with Anadarko and realizing value for our stakeholders as soon as possible," Occidental said in a statement.

  • Chevron will not make a counterproposal to Occidental, a smaller company than Chevron that nonetheless offered a higher, $76-per-share cash-and-stock bid for Anadarko.
  • "Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter, and we will not dilute our returns or erode value for our shareholders for the sake of doing a deal," Chevron CEO Michael Wirth said in a statement.

Go deeper: Anadarko calls Occidental's takeover bid "superior" to Chevron's

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Here's the growing dilemma for 2020 Democrats vying for a one-on-one showdown with frontrunner Bernie Sanders: Do they have the guts — and the money — to first stop Mike Bloomberg?

Why it matters: Joe Biden, Pete Buttigieg, Amy Klobuchar and Elizabeth Warren all must weigh the costs of punching Bloomberg where he looks most vulnerable: stop-and-frisk, charges of sexism, billionaire entitlement. The more zealous the attacks, the greater the risk he turns his campaign ATM against them.

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Why it matters: GDP is the most comprehensive economic scorecard — and something presidents, especially Trump, use as an example of success. And it's especially relevant since Trump is running for re-election on his economic record.

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The big picture: COVID-19 has now killed at least 1,770 people and infected almost 70,000 others. Most cases and all but five of the deaths have occurred in mainland China. Taiwan confirmed its first death on Sunday, per multiple reports, in a 61-year-old man with underlying health conditions. Health officials were investigating how he became ill.

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