Anadarko is preparing to approve a $ 55 billion bid from its Western rival

Anadarko Petroleum is preparing to approve a hostile bid by its rival, Occidental Petroleum, for $ 55 billion, jeopardizing its sale to the big oil company Chevron, according to people familiar with the matter.

The Texas-based oil and gas company is expected to make a statement this week after its board of directors has determined that an offer in cash and shares of Occidental was greater than the $ 50 billion deal that She had concluded at the beginning of April with Chevron.

Anadarko's decision to endorse the Western bid would be a rare win for a hostile bidder, who is often rebuffed. Anadarko admitted last week that it had received an offer from Occidental, several weeks after rejecting the group's takeover advances.

Anadarko could not be contacted immediately for a comment, but last week he announced that he would "carefully consider Western's proposal to determine what course of action it believes is in the interest of superior of the shareholders of the company ".

Occidental, one of the five largest US oil and gas companies, has proposed to Anadarko shareholders to pay $ 76 a share to Anadarko shareholders, a 22% premium over the bid. Chevron, valued at approximately $ 63 per share.

Occidental's offer was split equally between cash and shares. Chevron offered to pay 0.39 of its own shares and $ 16.25 in cash for each outstanding share of Anadarko. Anadarko has agreed to pay Chevron $ 1 billion if he withdraws from the deal.

It is not clear if Chevron will increase its bid on Anadarko. However, people familiar with the oil company's thinking said Chevron was unlikely to embark on a bitter war for assets, the Financial Times reported. Chevron had previously refused to raise its offer after learning that Occidental had offered more than $ 70 per share to Anadarko.

An agreement would give Occidental a valuable area of ​​shale oil as well as assets in the Gulf of Mexico and a natural gas project in Mozambique. This would be the biggest and boldest bet ever made by Occidental's executive director, Vicki Hollub.

"It's much more synergistic for us than any other company that can look at this issue," Hollub told the Financial Times last week.

Western's interest only came a few minutes after Anadarko announced its sale to Chevron earlier this month, but analysts warned they did not see how Hollub could outbid her biggest rival.

Hollub promised to sell up to $ 15 billion worth of assets if an Anadarko takeover agreement is reached, in part to gain support from Western shareholders who must approve the deal.