Anadarko now favors Occidental over Chevron
HOUSTON — Anadarko Petroleum Corp. says it plans to end its $33 billion takeover deal with Chevron in favor of a revised bid by Occidental.
Occidental's offer is worth about $57 billion in cash and stock, including debt and book value of non-controlling interest. Chevron's offer would be worth about $50 billion by the same metric. Warren Buffett's Berkshire Hathaway has said it would put up $10 billion in financing for Occidental.
Anadarko said its board determined that Occidental Petroleum Corp.'s offer was superior. Under its deal, Chevron has until Friday to make a revised proposal or a new offer.
Anadarko will have to pay a $1 billion fee if it ends the deal with Chevron Corp.— AP
Nestle to cut 4,000 jobs in delivery change
Nestle SA's U.S. unit will lay off about 4,000 workers as it stops delivering frozen pizza and ice cream directly to stores and instead transitions to a warehouse model that's becoming an industry standard for Big Food companies looking to trim costs.
The company said Tuesday that it's shutting down its direct-to-store delivery network for products like DiGiorno and Skinny Cow, beginning in the third quarter. The change, announced at a shareholder event in Arlington, Virginia, means the elimination of an operation that now includes 230 facilities, 1,400 trucks and 2,000 different routes. The U.S. unit employs about
48,000 people, according to a spokeswoman.— Bloomberg News
Growth in consumer borrowing slowed in March
WASHINGTON — Consumer borrowing in March grew at the slowest pace in nine months as Americans pulled back on credit card use.
Borrowing increased by $10.3 billion in March, the Federal Reserve said Tuesday. That was the smallest monthly advance since an $8.8 billion rise last June. Borrowing had increased $15.5 billion in February.
The slowdown reflected a $2.2 billion drop in the category that includes credit cards. That offset a $12.5 billion rise in borrowing in the category that covers auto loans and student loans.— AP
Google offers cheaper Pixel smartphones
Google unveiled cheaper Pixel smartphones Tuesday after the company's line of premium handsets failed to sell in large numbers.
Slower processors and cheaper materials helped Google price the Pixel 3a with a 5.6-inch screen at $399. The larger Pixel 3a XL has a 6-inch screen and costs $479. That's roughly half the price of the company's existing Pixel phones.
Google announced the new phones at its I/O conference in Mountain View, California.— Bloomberg News