Warren Buffett has dug himself the sweetest well in the U.S. shale patch. johnsfoley
Warren Buffett’s Berkshire Hathaway plans to invest $10 billion in Occidental Petroleum to help finance the U.S. oil producer’s $38 billion bid for rival Anadarko Petroleum.
Occidental made its cash-and-stock offer for Anadarko on April 24, countering an agreed $33 billion deal with Chevron. The board of Anadarko is considering the new offer. Berkshire Hathaway will get perpetual preferred shares that pay dividends of 8 percent a year. If dividends are not paid in any given year, they accumulate at 9 percent.
Buffett’s firm will also get a warrant allowing it to buy 80 million Occidental shares at $62.50 per share, which would equate to roughly a 10 percent stake. The company’s shares closed at $60.13 on April 29.
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