US EditionBuffett's Berkshire Hathaway to pay $9.7 billion for Occidental Petroleum's OxyChem
The $9.7 billion acquisition expands Berkshire Hathaway's petrochemical business as Occidental uses $6.5 billion of the proceeds to reduce debt, company officials said.
- On May 3, 2025, Berkshire Hathaway announced it agreed to buy Occidental Petroleum's OxyChem for $9.7 billion in cash, its largest deal since 2022.
- Sitting on $344 billion in cash, Berkshire Hathaway began buying Occidental Petroleum stock in 2022 and held a 28.2% stake as of the end of June.
- OxyChem manufactures water treatment, healthcare and commercial chemicals, and Occidental Petroleum said it will use $6.5 billion of the proceeds to pay down debt.
- Berkshire signaled integration plans by saying, `We look forward to welcoming OxyChem as an operating subsidiary within Berkshire,` said Greg Abel, who will replace Buffett as CEO in 2026 while Buffett, 95, plans to step down at year's end.
- The Wall Street Journal first reported the transaction earlier this week, with Greg Abel highlighting Vicki Hollub's "commitment to Occidental's long-term financial stability" through debt reduction plans.
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Warren Buffett’s Berkshire Hathaway buys OxyChem for $9.7 billion
Berkshire Hathaway is buying Occidental Petroleum’s chemical division for $9.7 billion in what may be the last big acquisition involving the consummate dealmaker, Warren Buffett. Buffett wasn’t mentioned anywhere in materials released by Berkshire Hathaway discussing the deal Thursday, potentially signaling a passing of the torch to Vice Chair Greg Abel, to whom Buffet will hand the CEO title in January. Buffett will remain chairman at Berkshire…
Buffett's Berkshire Hathaway Eyes Occidental's OxyChem in $10 Billion Deal
Warren Buffett’s Berkshire Hathaway - which we have been following and watching take, then increase its stake in Occidential Petroleum for years - has finally tipped its hand at what it's end game with the company could be. While many had speculated Buffett would eventually take all of Occidental private, Berkshire is instead in advanced talks to buy Occidental's petrochemical business, OxyChem, for about $10 billion, according to the Wall Stree…
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