Cravath Advises Occidental Petroleum on Anadarko Bid

Cravath, Swaine & Moore is advising Occidental Petroleum Co. on a new offer to acquire Anadarko Petroleum Corp. that could derail Chevron Corp’s earlier agreement to buy Anadarko.

In a letter delivered to the company’s board of directors, Occidental fielded a cash-and-stock bid at $76 per share that it said is about a 20 percent premium over Chevron’s April 12 agreement to buy Anadarko for $33 billion.

Occidental’s move brings Cravath into the fray with some of the most powerful U.S. law firms. Paul, Weiss, Rifkind, Wharton & Garrison is advising Chevron, the second-largest energy producer after Exxon Mobil. Anadarko ...