Occidental Petroleum has updated the terms of its bid for Anadarko by saying it will pay 80 percent of the US$38 billion it is offering in cash, negating the need for shareholder approval. That is up from 50 percent earlier and just 25 percent when the original offer was made, the Houston Chronicle notes . Occidental submitted its counter bid during negotiations between Anadarko and Chevron, which had offered US$65 per share or US$33 billion for the whole company. Oxy’s bid certainly beats the Chevron offer in terms of size, but some shareholders of Anadarko were nervous about the portion of the cash in the offer, so Oxy raised it and then raised it again. In another update, Occidental said it would sell Anadarko’s African assets for US$8.8 billion if it wins the bidding war. The assets are spread from Algeria to Ghana, Mozambique, and South Africa. The buyer […]