Warren Buffett is getting involved in a rare bidding war unfolding in the energy industry.
. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron's $33 billion buyout of Anadarko.Berkshire will receive 100,000 shares of cumulative perpetual preferred stock with a value of $100,000 a share.
The conglomerate also gets a warrant to purchase up to 80 million shares of Occidental at an exercise price of $62.50 a share."We are thrilled to have Berkshire Hathaway's financial support of this exciting opportunity," said Occidental CEO Vicki Hollub in a press release. Occidental shares closed Monday at $60.13. Anadarko closed at $73.32, just below the $76 cash and stock offer by Occidental for the company.
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