HOUSTON: Several major Occidental Petroleum Corp shareholders have voiced opposition to the oil company's US$38 billion bid for rival Anadarko Petroleum Corp that now includes a pricey financing deal with billionaire Warren Buffett.
Several Occidental shareholders said they viewed Chevron's lower US$65-per-share bid as a better fit because it could more easily swallow a company of Anadarko's size. "That's very expensive paper," Linehan said of the agreement with Berkshire."They could have borrowed far cheaper than that." At the end of March they owned around 580,000 shares of Occidental and 370,000 shares of Chevron worth US$38.5 million and US$45.5 million, respectively.
Chevron has not raised its bid for Anadarko, saying its agreement would provide"the best value and the most certainty to Anadarko's shareholders."
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