Occidental Wins Battle for Anadarko as Chevron ends bidding

Occidental Petroleum Corp. concluded a $ 38 billion deal to purchase Anadarko Petroleum Corp. by Chevron Corp. bowed from the bidding, ending one of the highest-ranking energy treaties this year.

In seeking Anadarko, Chevron and Occidental sought after valuable assets in the heart of the American oil boom: the Permian Basin of West Texas and New Mexico. Occidental is the emergence as the likely victory means that it is now ready to swallow a company almost its own size as it fills up in the region.

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