Oxy gets $10B influx from Berkshire Hathaway for Anadarko bid
https://www.chron.com/business/energy/article/Oxy-gets-10B-influx-from-Berkshire-Hathaway-for-13806511.phpApril 30, 2019
Occidental Petroleum's leverage in the operatic bidding war with Chevron to acquire Anadarko Petroleum gained significant strength with a $10 billion influx of cash from business magnate Warren Buffett's Brkshire Hathaway firm.
Houston's Occidental said Tuesday it is teaming up with one of the world's richest men to assuage the concerns of nervous investors and to keep Oxy from leaning too much on debt in its takeover bid for The Woodlands-based Anadarko.
After Anadarko initially spurned Oxy in favor of Chevron's $33 billion offer at $65 a share - arguing that Chevron was a better fit with safer long-term value - Oxy has comeback to offer more cash in its $38 billion bid at $76 per share.
Anadarko's board of directors is currently reviewing Oxy's offer that it has deemed potentially superior.
Anadarko also is waiting to see if Chevron will increase its offer. Anadarko would have to pay Chevron a $1 billion breakup fee if it pulls out of its current deal. Chevron would only reiterate Tuesday that its standing offer has the best overall value and most certainty....