Bank of Buffett drops USD 10 billion bomb into Anadarko battle

Warren Buffett’s intervention in Occidental Petroleum Corp.'s USD 37 billion unsolicited bid for Anadarko Petroleum Corp. may tip the scales in the oil industry's biggest bidding war in decades.

BY BLOOMBERG NEWS, JOE CARROLL, KATHERINE CHIGLINSKY & KEVIN CROWLEY

In a stunning escalation of the two-week-old contest for Anadarko, Buffett's Berkshire Hathaway Inc. on Tuesday disclosed plans to inject USD 10 billion into Occidental in exchange for preferred stock and warrants. The bombshell landed in the midst of Anadarko board deliberations about whether Occidental's offer is superior to a lower but already agreed-to deal with Chevron Corp.

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Anadarko board faces scrutiny amid USD 38 billion bidding war
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