Bank of America brings high M&A hopes to the oil patch johnsfoley
Bank of America and Citigroup are advising Occidental Petroleum on its $38 billion bid for rival U.S. oil driller Anadarko Petroleum. The board of Anadarko declared Occidental’s bid to be superior to a $33 billion offer from Chevron on May 6.
Brian Moynihan, chief executive of Bank of America, called Berkshire Hathaway boss Warren Buffett to request his help financing Occidental’s bid, Buffett told his own shareholders at the investment firm’s annual meeting on May 4. Bank of America is sixth in terms of advisors on announced mergers in 2019 to date, according to Refinitiv data, which includes the $54 billion value of Occidental’s bid including Anadarko’s net debt.
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