Warren doesn’t think Berkshire's deal to inject $10 billion in preferred shares into Occidental’s bid to acquire Anadarko Petroleum Corp will be its last such financing deal. The firm has struggled in recent years to find ways to invest its growing cash pile--but if the right opportunity comes, Berkshire is ready, he said. Warren called law firm Munger Tolles & Olsen’s Ron Olsen first--just in case he had a conflict. “I told him it had to be done by Monday night.” Occidental was telling the same thing to its advisor Cravath, Swaine & Moore. Both had an incentive “to put all the manpower necessary on the job.” Occidental's board met Monday night to approve the deal so it could be announced Tuesday morning, he said.

Source: Wall Street Journal May 04, 2019 12:44 UTC