Anadarko confirms Occidental's $57B bid

Oil and gas producer Anadarko Petroleum Corp confirmed Occidental Petroleum Corp ‘s $57 billion offer for the company that topped Chevron Corp’s $50 billion bid and said it would carefully review the offer.

Occidental’s surprise $76-per-share proposal comes after the company had repeatedly said in recent weeks that it had been trying to woo Anadarko in an effort to become the largest producer of oil in west Texas’s Permian basin, where production has boomed in recent years.

(Reporting by Arathy S Nair in Bengaluru; Editing by Anil D’Silva)