Buffett’s Berkshire to invest $10 billion in Occidental for Anadarko buy

April 30, 2019

(Reuters) – Occidental Petroleum Corp said on Tuesday that Warren Buffett’s Berkshire Hathaway Inc would invest $10 billion in the U.S oil and gas company to help fund its acquisition of smaller rival Anadarko Petroleum Corp.

Occidental made a $38 billion offer for Anadarko last week, trumping Chevron Corp’s $33 billion bid from earlier this month.

“We are thrilled to have Berkshire Hathaway’s financial support of this exciting opportunity,” Occidental Chief Executive Officer Vicki Hollub said.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

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