Oxy revises its offer for Anadarko and enters into an $8.8 billion agreement with Total in connection with the deal. Occidental Petroleum Corporation (Oxy) revealed Sunday that it has jazzed up its offer for Anadarko Petroleum Corporation (APC) and agreed a deal to sell APC’s Africa assets to Total S.A. for $8.8 billion. Oxy has delivered a letter to the board of directors of APC setting forth the terms of a proposal to acquire APC for $76 per share, comprised of $59 in cash and 0.2934 shares of Oxy common stock per share of APC common stock. Oxy’s previous offer was for $76 per share, comprised of $38 in cash and 0.6094 shares of Oxy common stock for each share of APC common stock. The revised proposal has been unanimously approved by the Oxy board of directors and represents a premium of approximately 23.3 percent to the $61.62 per […]