Warren Buffett speaks through the Berkshire Hathaway Annual Shareholders Assembly in Omaha, Nebraska on Might 3, 2025.
CNBC
Warren Buffett’s Berkshire Hathaway introduced Thursday it reached a deal to purchase Occidental Petroleum’s petrochemical unit, OxyChem, for $9.7 billion in money.
The deal marks Berkshire’s largest since 2022, when it paid $11.6 billion for insurer Alleghany. It additionally comes at a time by which the conglomerate is sitting on $344 billion in money, a document for the corporate.
Berkshire is already a significant investor in Occidental, holding a 28.2% stake as of the top of June. Buffett — who’s 95 and stepping down as CEO on the finish of the 12 months — has mentioned he would not take full management of the oil firm.
Buffett started shopping for Occidental inventory within the open market in 2022, making the most of heightened market volatility to scoop shares at cheaper ranges.
OxyChem manufactures water therapy, healthcare and different industrial chemical compounds.
The Wall Avenue Journal first reported on the deal earlier this week.
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