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 has agreed to acquire Occidental Petroleum's petrochemicals division for $9.7 billion, Berkshire's largest acquisition since 2022.
Warren Buffett's last big deal? Berkshire Hathaway to buy Occidental Petroleum's chemical division for $9.7 billion
Buffett wasn’t mentioned in materials on the deal, potentially signaling a passing of the torch to Vice Chair Greg Abel, who will become CEO in January.
Warren Buffett’s Berkshire Hathaway Makes Biggest Acquisition Since 2022 With OxyChem Buy
Berkshire Hathaway has announced a $9.7 billion deal to acquire OxyChem, the chemical division of Occidental Petroleum. The purchase marks Warren Buffett’s largest transaction since the $11.6 billion acquisition of insurer Alleghany in 2022. About $6.5 billion of the all-cash deal will be used to reduce Occidental’s debt, which currently exceeds $20 billion. Buffett, 95, who recently said he will step down as CEO of Berkshire Hathaway at the end…
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