Warren Buffett's Berkshire Hathaway Inc committed $10 billion on Tuesday to...
- 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.
Anadarko on Monday agreed to start negotiations with Occidental, saying its bid could potentially be superior to Chevron’s existing deal to buy Anadarko for $33 billion in cash and stock. Analysts said Buffett’s endorsement supports Occidental’s push to get the deal done but comes at a high cost. “For Occidental shareholders, our view is this is a fairly expensive cost of financing for the transaction even though it carries a kind of nice headline of having Berkshire Hathaway participate in the potential financing here.”
A Chevron spokesman reiterated that the San Roman, California-based company believes its “signed agreement with Anadarko provides the best value and the most certainty to Anadarko’s shareholders.”
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