Berkshire Hathaway to buy OxyChem for $9.7B, final major deal under Buffett.

Berkshire Hathaway has agreed to acquire Occidental Petroleum’s OxyChem chemical unit for $9.7 billion in cash, marking a likely final major deal under Warren Buffett’s leadership. The acquisition, set to close in late 2025, strengthens Berkshire’s industrial portfolio with a stable, cash-generating business producing chemicals used in plastics, water treatment, and construction. Occidental will use $6.5 billion of the proceeds to reduce debt from its 2023 CrownRock purchase, improving its financial position. The deal, which does not involve Buffett in official statements, signals a leadership transition to Greg Abel, who will become CEO in January. OxyChem, which reported $213 million in second-quarter pretax earnings, will operate as a standalone unit under Berkshire, aligning with the company’s strategy of acquiring durable, low-volatility assets.