Berkshire Hathaway will invest $10 billion in Occidental Petroleum to help finance its bid for Anadarko and beat back rival offer from Chevron
Berkshire Hathaway Inc. has agreed to make a $10 billion equity investment in Occidental Petroleum Corp., a bid to help the oil company complete its proposed acquisition of Anadarko Petroleum Corp.
In return for the investment, Berkshire will receive 100,000 shares of preferred stock, according to a statement from Occidental. The preferred stock will generated dividends at 8% a year.
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