REUTERS: Warren Buffett's Berkshire Hathaway Inc committed US$10 billion on Tuesday to Occidental Petroleum Corp's US$38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp.
The Berkshire investment, contingent on Occidental completing its proposed acquisition of Anadarko, could also repay some of the debt being taken on to finance the deal's cash portion, or cover the US$10 billion to US$15 billion of proceeds from asset sales which Occidental plans in the two years after closing the acquisition.
"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."
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