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In a major turn of events, supermajor Chevron pulled back from the takeover battle for Anadarko, yesterday. Occidental, which received $10 billion in financial assistance from Berkshire Hathaway, has emerged victorious in one of the largest takeover contests in the oil and gas industry. Chevron received a $1 billion breakup fee from Occidental Petroleum, to be utilized in a $5 billion share repurchase program.
