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)