Berkshire Hathaway Inc to invest $10 billion in Occidental Petroleum Corp

Warren Buffet’s Berkshire Hathaway aims to help Occidental Petroleum Corp acquire its smaller rival Anadarko Petroleum Corp.

In a significant development, Occidental Petroleum Corp disclosed, Warren Buffett’s Berkshire Hathaway Inc will be investing $10 billion in it so as to help fund its acquisition of Anadarko Petroleum Corp, a smaller rival.

Last week, Occidental made a $38 billion offer for Anadarko trumping Chevron Corp’s $33 billion offer from earlier this month.

“We are thrilled to have Berkshire Hathaway’s financial support of this exciting opportunity,” said Vicki Hollub, Occidental’s Chief Executive Officer.

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