(Reuters) – Warren Buffett’s Berkshire Hathaway Inc committed $10 billion on Tuesday to Occidental Petroleum Corp’s $38 billion cash-and-stock bid for Anadarko Petroleum Corp, boosting its chances of snatching a deal from Chevron Corp.
Specialist trader Don Himpele Jr. works at the post that trades Anadarko Petroleum and Occidental Petroleum on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
Occidental and Chevron are locked in the biggest oil-industry takeover battle in years as they eye Anadarko’s prized assets in West Texas’ huge Permian shale oil field.
Anadarko on Monday agreed to start negotiations with Occidental, saying its bid could potentially be superior to Chevron’s existing deal to buy Anadarko for $33 billion in cash and stock.