Berkshire Hathaway, the investment conglomerate controlled by Warren Buffett, is reportedly providing financing to Occidental Petroleum in its bid for Anadarko.
. Occidental made a proposal on April 24 to acquire Anadarko for $76 a share, financed by a mixture of cash and stock.
On April 29, Anadarko announced that its board announced it would pursue Occidental's bid, shunning Chevron. Chevron has not responded with a counter offer.Berkshire Hathaway will provide $10 million of preferred shares to Anadarko, with dividends of 8% per annum. Should the company not pay dividends in any particular year, the owed dividends will accrue at 9% per annum.
In addition, Berkshire will received warrants to purchase 80 million of Occidental common stock at an exercise price of $62.50, a 4% premium to Monday's closing price. The preferred shares can be redeemed after a term of ten years for a 5% premium, including any unpaid dividends. Occidental's shares dropped over 4% in early trading Tuesday. Anadarko 's stock was flat on the news of Buffett's involvement.
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