Warren Buffett’s Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp’s $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp.
Source: www.reuters.com
Berkshire Hathaway, Inc. has committed to investing $10 billion into Occidental Petroleum to help finance Occidental’s acquisition of Anadarko Petroleum Corp. Berkshire Hathaway will recieve 100,000 preferred shares, and a warrant to purchase up to 80 million shares of Occidental at $62.50 apiece in a private offering. Occidental is competing with Chevron to take control of Anadarko, and Berkshire’s investment will increase Occidental’s chances of snatching the deal from Chevron.
