Occidental Petroleum Corp. (OXY) said Tuesday that Berkshire Hathaway Inc. (BRKA) has committed to an equity investment of $10 billion to help the energy company finance its proposed acquisition of Anadarko Petroleum Corp. (APC). Occidental is in talks with Anadarko on a takeover, putting it in competition with Chevron Corp., which recently entered its own merger agreement with Anadarko. On Monday, Anadarko confirmed the talks and said the Occidental offer seemed superior to Chevron's. Berkshire, the investment vehicle of billionaire investor Warren Buffett, will receive 100,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share, together with a warrant to purchase up to 80.0 million shares of Occidental common stock at an exercise price of $62.50 per share, Occidental said in a statement. Occidental and Anadarko shares were slightly higher premarket.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 30, 2019 09:03 ET (13:03 GMT)
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