Chevron said it won't increase its $50 billion takeover bid for independent drilling group Anadarko Petroleum, and will instead take the $1 billion break-up fee.
"We've been telling people in [Action Alerts plus] to sell it. We went back you know, sold it at $72-$73. It's done. Chevron's not going after it. We'd been saying Chevron wouldn't go after it because Chevron is very disciplined and they've got some great Gulf of Mexico assets. Will they go after something else in the Permian? Perhaps, but they're not paying 8% like Vicky Hollub is for Occidental and I think that that's the Warren Buffet money," said Cramer.
How to Navigate Market Volatility
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