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Occidental’s Winding Path to Anadarko Bid Led to Buffett’s Door

May 2, 2019, 8:53 PM

Occidental Petroleum Corp.’s bombshell investment from Warren Buffett is the culmination of almost two years of on-and-off-again wrangling with Anadarko Petroleum Corp. -- a saga that’s so far seen the company slip through its fingers several times.

With Buffett in its corner and a higher bid on the table, Occidental finally seems to have the upper hand over Chevron Corp.’s lower, but already agreed on, offer. Anadarko’s board has decided to start talking to Occidental again, and said that its bid could result in a superior proposal.

Warren Buffett
Photographer: Andrew Harrer/Bloomberg

Occidental’s engagement with Anadarko officially brings the two Texas-based explorers back to ...