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Warren Buffett Backs Occidental's Anadarko Bid With $10 Billion Pledge

  • Intervention may mean Chevron’s $33 billion bid is ‘dead’
  • Berkshire Hathaway gets 100,000 preferred shares in Occidental
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What Buffett's Investment Means for Anadarko Battle
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Warren Buffett’s Berkshire Hathaway Inc. will invest $10 billion in Occidental Petroleum Corp. to help the oil producer in its $38 billion bid for Anadarko Petroleum Corp.

Berkshire will receive 100,000 shares of preferred Occidental stock that will accrue dividends of 8 percent a year, according to a statement Tuesday. Buffett’s intervention, which is contingent on the deal for Anadarko closing, comes a day after Anadarko agreed to serious negotiations with Occidental despite having accepted a lower offer earlier this month from Chevron Corp.