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As Anadarko’s investors have just voted in favor of the Occidental merger[1], I would like to take some time to review a specific part of the deal: the financing and more specifically, “the Berkshire Hathaway investment”. Indeed, it is for this particular investment that Occidental Petroleum CEO Vicki Hollub has come under intense criticism from Icahn Enterprises L.P.[2] and T Rowe Price Group, Inc.[3].
Now, back to the Berkshire financing: under the terms of the deal, we have that Berkshire Hathaway’s financing commitment translates into[4]:
Source: Slide 9 of the Revised Occidental Proposal to Acquire