BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Berkshire Hathaway Nears $10 Billion Acquisition of OxyChem from Occidental Petroleum
Berkshire Hathaway Nears $10 Billion Acquisition of OxyChem from Occidental Petroleum
21
2
BTCCSquare news:
Warren Buffett's Berkshire Hathaway is finalizing a $10 billion deal to acquire Occidental Petroleum's petrochemical unit OxyChem. This marks Berkshire's largest transaction since its $11.6 billion purchase of Alleghany in 2022. The MOVE comes as Berkshire sits on a record $344 billion cash reserve.
The timing is notable as Buffett, 95, prepares to step down as CEO at year-end, though he'll remain chairman. His successor Greg Abel—former head of Berkshire's energy division—brings sector expertise to the deal. Berkshire already holds a 26.9% stake in Occidental worth $12.5 billion, building on Buffett's 2019 involvement in Occidental's Anadarko acquisition.
By:
