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Berkshire Hathaway in Talks to Acquire Occidental Petrochemical Unit for $10B
Berkshire Hathaway in Talks to Acquire Occidental Petrochemical Unit for $10B
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BTCCSquare news:
Warren Buffett's Berkshire Hathaway is negotiating a potential $10 billion acquisition of Occidental Petroleum's petrochemical division. The deal WOULD mark Berkshire's largest transaction since its $13 billion purchase of Alleghany in 2022, while helping Occidental reduce its $22 billion debt burden.
OxyChem's projected $850 million in pretax profits for 2024 reflects the sector's margin pressures, creating an opportune moment for Buffett's value-oriented approach. The chemical business sale would exceed Occidental's $15 billion debt reduction target, providing crucial financial flexibility.
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