UPDATE 6-Chevron drops Anadarko takeover battle after Occidental raises bid

Chevron Corp abandoned its takeover bid for Anadarko Petroleum Corp on Thursday, outmaneuvered by Occidental Petroleum Corp's higher, $38 billion offer that included more than three times as much cash. With a financing assist from billionaire investor Warren Buffett, Occidental, which is one-quarter the size of Chevron, is the likely victor in a contest that again proved the allure of U.S. shale. Occidental has said it plans to shed most of Anadarko's non-shale properties in a deal that would cement its position in the Permian Basin of West Texas and New Mexico, the top U.S. shale field.

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