Chevron bows out of battle over Anadarko Petroleum

Chevron said Thursday it will not raise its bid for Anadarko Petroleum, ending a battle for choice US shale assets and clearing the way for an offer by Occidental Petroleum that is backed by billionaire investor Warren Buffett. Chevron Chief Executive Michael Wirth, who had touted the deal with Anadarko last month, said it was now walking away because it did not want to overpay. The announcement came three days after Anadarko characterized Occidental's bid as "superior" to Chevron's, putting the onus on Chevron to either pony up more money or raise a white flag and walk away.