Anadarko to resume deal talks with Occidental, says bid could be 'superior' to Chevron's offer

A contractor works in the control room at an Anadarko Petroleum Corp. oil rig site in Fort Lupton, Colorado.

Jamie Schwaberow | Bloomberg | Getty Images

Anadarko Petroleum on Monday announced it will restart negotiations with Occidental, after earlier striking a deal with Chevron to sell its business.

The decision comes after Anadarko's board of directors unanimously determined that Occidental Petroleum's rival bid, launched last week, could reasonably lead to a proposal that is superior to Chevron's previously announced deal to buy Anadarko.

Occidental has offered $76 a share to take control of Anadarko, while Chevron has put $65 a share on the table.

The announcement is the latest development in a rare bidding war in the oil patch.

This is a breaking news story. Please check back for updates.

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