Anadarko Petroleum (APC) - Get Report moved closer to sealing its planned takeover by Occidental Petroleum (OXY) - Get Report after its board approved the $38 billion bid over a rival approach from Chevron (CVX) - Get Report and it agreed to sell some of its African assets to France's Total (TOT) - Get Report .
Anadarko said Occidental's move to secure financing for the cash portion of its revised bid, which includes a $59 per share consideration and 0.2934 in Occidental common stock, makes it a "superior proposal" to Chevron's 75% stock and 25% cash deal.
Chevron has four business days to make another offer, Anadarko said. If Chevron doesn't submit another bid and the deal is terminated, Anadarko will have to pay Chevron a $1 billion breakup fee.
A Chevron spokesman told The Wall Street Journal it had received Anadarko's notification and had no further comment at this time.
Jim Cramer said, "So you know, look, I just think we want to ring the register. Okay. [Action Alerts Plus] can't sell [Anadarko] because it's constantly being talked about, but we can tell members of Action Alerts, let's take the victory. Chevron may come back, but, to me, your best case is to be very happy with what we've had."