SAN RAMON, Calif. — Chevron won't increase its buyout offer for Anadarko, cutting short a potential bidding war with Occidental Petroleum.
Occidental challenged Chevron's initial bid last month, offering $57 billion in cash and stock, including debt and book value of non-controlling interest. Chevron's offer was worth about $50 billion by the same metric.
Occidental's bid gained momentum two weeks ago when Warren Buffett's Berkshire Hathaway said it would put up $10 billion in financing for Occidental.
Chevron Corp. said Thursday that it won't make a counteroffer and will let the four-day match period expire.
Anadarko Petroleum Corp. will have to pay a $1 billion fee for terminating its deal with Chevron.
