Buffett Backs Occidental's Pursuit of Anadarko With Pledge of $10 Billion; No Change to FVE
In a sign that the Bank of Berkshire remains open, no-moat Occidental Petroleum announced April 30 that it has procured $10 billion in funding from wide-moat Berkshire Hathaway in connection with the financing it has put together as part of its unsolicited bid for no-moat Anadarko Petroleum. While this is a classic Warren Buffett move, with Berkshire receiving 100,000 shares of 8% preferred stock and a warrant to purchase up to 80 million shares of Occidental (at an exercise price of $62.50 a sh...
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