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April 30, 2019, 8:59 a.m. EDT

Berkshire Hathaway commits to $10 bln equity investment in Occidental to buy Anadarko

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By Ciara Linnane

Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY +1.75% said Tuesday that Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B +0.64% has committed to an equity investment of $10 billion to help the energy company finance its proposed acquisition of Anadarko Petroleum Corp. . 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.

/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 16.57
+0.29 +1.75%
Volume: 779,574
July 10, 2020 9:43a
P/E Ratio
N/A
Dividend Yield
0.25%
Market Cap
$14.65 billion
Rev. per Employee
$1.60M
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/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 179.94
+1.14 +0.64%
Volume: 127,643
July 10, 2020 9:43a
P/E Ratio
44.77
Dividend Yield
N/A
Market Cap
$434.89 billion
Rev. per Employee
$637,113
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