, chief executive of Occidental Petroleum, had been wooing Anadarko for nearly two years, according to people familiar with the events, when in early April her target went silent. On April 12th it became apparent why: Chevron, an oil major five times Occidental’s size, announced a $33bn deal to buy Anadarko instead . Ms Hollub’s advances appeared spurned. Until, that is, Occidental made a counteroffer of $57bn on April 24th, then on May 5th sweetened its terms.
Ms Hollub’s bold gambit now includes allies: Total, a French oil giant, and Warren Buffett. People close to the matter recount how she secretly flew to Paris on April 26th, then to Omaha two days later to speak with the revered investor, to win their support. Occidental, she agreed, would sell Anadarko’s African assets to Total for $8.8bn, reducing its debt.
If Chevron’s courtship looks opportunistic, Occidental’s would, if successful, be transformational. Buying Anadarko would nearly double the smaller suitor’s production and help it battle ExxonMobil and Chevron as they expand through the Permian. But Moody’s, a ratings agency, reckons that the deal—accounting for Mr Buffett’s cash but not the sale to Total—would add $46bn in debt to the combined companies.
Anadarko looks appealing in part because of its shale acreage, in part because its operations have room for improvement. Its share price also looked cheap. That it no longer does points to the bidding war’s biggest victors: its shareholders. Its share price gained 32% after Chevron’s bid was made public, and a further 17% following Occidental’s offers, at a time when investors have cooled on American shale.