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apple.news: Why Warren Buffett might help Occidental fund a takeover, or reject it"Rumors are swirling that Warren Buffett's Berkshire Hathaway could step in to provide financing if Occidental Petroleum acquires CrownRock. Here's the background to the potential deal, and what's fueling the speculation.
Setting the stage -
Occidental is among the final bidders in an auction for CrownRock, a rival oil-and-gas company operating in the Permian basin in western Texas, The Wall Street Journal reported last week.
The energy group, which counts Berkshire as its largest shareholder with a near-26% stake, has offered to pay more than $10 billion, Reuters reported.
Berkshire first got involved with Occidental by helping to fund its $38 billion takeover of Anadarko Petroleum in 2019. Buffett and his team provided $10 billion in exchange for preferred stock paying a hefty 8% dividend, as well as stock warrants."
