Anadarko calls Occidental takeover offer 'superior' to Chevron's

US oil group Anadarko said Monday that Occidental Petroleum's takeover bid is "superior" to Chevron's, amid a fierce battle over the company's assets in the shale-rich Permian Basin in Texas.

After initially siding with Chevron, Anadarko reopened talks when Occidental raised its share price. Last week, Occidental also upped its cash offer to $38 billion.

Anadarko's "board of directors... has unanimously determined that the revised acquisition proposal it received from Occidental Petroleum Corporation on May 5, 2019 constitutes a 'Superior Proposal' as defined in Anadarko's previously announced merger agreement with Chevron Corporation," a statement read.

"Anadarko intends to terminate the Chevron Merger Agreement in order to enter into a definitive merger agreement with Occidental in connection with the Revised Occidental Proposal."
Ahead of its latest offer, Occidental had raised its profile after American mega-investor Warren Buffett's Berkshire Hathaway invested $10 billion to enable the mid-sized company to beat out the much bigger Chevron in the hostile takeover bid. French energy giant Total said Sunday it has reached a deal to buy