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Occidental Petroleum outbids Chevron for Anadarko

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Occidental Petroleum is offering nearly $40 billion to purchase Anadarko Petroleum in a cash-and-stock deal.

The offer trumps Chevron's $33 billion proposal for Anadarko.

"We have been focused on Anadarko for several years because we have long believed that we are ideally positioned to generate compelling value from a combination with them," Occidental CEO Vicki Hollub said. "We look forward to engaging immediately with Anadarko's board and stakeholders to deliver this superior transaction."

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