Occidental Petroleum (NYSE:OXY) is now considering its options after bidding more than $70/share for Anadarko (NYSE:APC) in an earlier cash and stock offer but ultimately decided to go with Chevron's (NYSE:CVX) $65/share cash and stock deal, CNBC's David Faber reports.
OXY's offer contained more cash than the CVX bid and would have required a shareholder vote, according to the report.
Faber also says the breakup fee in the Chevron-Anadarko deal totals 3% of the deal price.
OXY, which had been up sharply in pre-market trade, now -1.7%.
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