There was one other bid for Anadarko Petroleum, the oil and fuel explorer which Chevron stated it was shopping for for $65 a share in money and inventory on Friday.
Occidental Petroleum bid greater than $70 a share for Anadarko in money and inventory earlier, sources inform CNBC, however the firm finally determined to go along with Chevron.
The Occidental bid contained extra cash than the Chevron provide and would have required a shareholder vote, the sources stated.
Occidental is now contemplating its choices. The Chevron-Anadarko break-up charge is claimed to be 3% of the deal value, sources stated.
This can be a growing story. Test again for updates.