伯克希尔有新动作。 伯克希尔修改公司章程 根据伯克希尔公司向美国证券交易委员会（SEC）提交的文件，其董事会已于9月30日投票通过修改公司章程，正式将董事长与CEO的职位分离。 伯克希尔·哈撒韦（BRK.A:NYSE）公司近日动作频频。继97亿美元收购西方石油化工子公司后，公司近日修改公司章程，为巴菲特接班人格雷格·阿贝尔 （Greg Abel）担任公司首席执行官（CEO）铺平道路。 自1965年以来，巴菲特一直掌管伯克希尔，并同时担任公司董事长和CEO。今年5月股东大会上，巴菲特宣布，现任非保险业务副董事长的阿贝尔将在 2026年1月1日正式出任CEO，而他将继续担任董事长。 虽然该决定令许多人感到意外，但该决定宣布后不久，伯克希尔董事会便一致批准了阿贝尔的任命。 文件截图 阿贝尔于1999年因伯克希尔收购中美能源（MidAmerican Energy）控股权而进入伯克希尔体系，后来成为该能源公司的CEO。自2018年以来，阿贝尔担任 伯克希尔非保险业务副董事长，负责铁路、公用事业、能源、制造业及零售等业务。2021年，伯克希尔已故副董事长查理·芒格（Charlie Munger）曾公开 点名阿贝尔为公司接 ...

Core Insights - Berkshire Hathaway is preparing for a leadership transition as it modifies its bylaws to separate the roles of Chairman and CEO, paving the way for Greg Abel to become CEO in January 2026 [2][4][6] Group 1: Leadership Transition - The board of Berkshire Hathaway voted on September 30 to officially separate the roles of Chairman and CEO, facilitating Greg Abel's future appointment as CEO [2] - Warren Buffett has led Berkshire since 1965, holding both positions, but will continue as Chairman after Abel takes over as CEO [4] - Abel has been with Berkshire since 1999 and has served as Vice Chairman of non-insurance operations since 2018, overseeing various business sectors [5] Group 2: Recent Acquisition - Berkshire Hathaway announced a $9.7 billion acquisition of Occidental Petroleum's chemical subsidiary, OxyChem, marking its largest deal in three years [7] - The announcement of the acquisition was made by Abel, indicating a shift in leadership responsibilities [8] - Berkshire is currently the largest shareholder of Occidental Petroleum, holding approximately 28% of its shares and over $8 billion in preferred stock [8] Group 3: Market Reaction - Following the acquisition announcement, Occidental Petroleum's stock price initially dropped by 8.1% but later closed with a 5.5% decline [10] - Occidental's CEO stated that $6.5 billion of the acquisition price would be used to reduce debt and repurchase shares, aiming to enhance the company's balance sheet [8][10]

来源：证券时报 伯克希尔·哈撒韦（BRK.A：NYSE）公司近日动作频频。继97亿美元收购西方石油化工子公司后，公司 近日修改公司章程，为巴菲特接班人格雷格·阿贝尔（Greg Abel）担任公司首席执行官（CEO）铺平道 路。 伯克希尔修改公司章程 巴菲特离退休又近了一步。 根据伯克希尔公司向美国证券交易委员会（SEC）提交的文件，其董事会已于9月30日投票通过修改公 司章程，正式将董事长与CEO的职位分离。 伯克希尔出手 就在正式修改公司章程前，伯克希尔公司宣布了一项高达97亿美元的并购：公司将收购西方石油公司 （OXY.NYSE）的化工子公司OxyChem，这是伯克希尔三年来最大的一笔交易，并可能是巴菲特在年 底离任CEO之前的最后一次重大收购。 值得关注的是，伯克希尔公司发布的新闻稿由阿贝尔对此次交易进行解读，而不是巴菲特本人，这反映 了伯克希尔正在进行的领导层过渡。 伯克希尔目前是西方石油的最大股东，持有约28%的股份，伯克希尔还持有超过80亿美元的西方石油公 司优先股，并可以每年获得约8%的股息。2019年，西方石油公司发行该类优先股并借此收购阿纳达科 石油公司。作为该交易的一部分，伯克希尔现在还持 ...

这一举措为公司现任副董事长格雷格·阿贝尔明年初接任首席执行官做好了准备。 就在本周早些时候，伯克希尔发布公告称，将以97亿美元收购西方石油公司旗下化工业务OxyChem。若交易最终达成，这将是伯克希尔自2022年以来金 额最高的一笔收购。值得注意的是，这笔交易由格雷格·阿贝尔策划，是其接班人身份明确以来主导的首个重大并购。 伯克希尔调整公司章程 将董事会主席与CEO职务分离 SEC披露文件显示，伯克希尔董事会投票决定修订并重述公司章程，自即日起生效。此次修订的主要目的是将董事会主席职务与公司首席执行官职务进行 分离。 当地时间周五（10月3日），美国知名投资人沃伦·巴菲特旗下公司伯克希尔·哈撒韦（下简称伯克希尔）在提交给美国证券交易委员会（SEC）的文件中宣 布，公司董事会已于9月30日投票通过修订公司章程，该章程立即生效，正式将董事会主席与首席执行官的角色分离。 | Exhibit 3(ii) | By-Laws (as amended and restated on September 30, 2025) | | --- | --- | | Exhibit 104 | Cover Page Interac ...

Group 1: Market Overview - Major global assets have mostly risen, with the South Korean Composite Index leading with a 3.64% increase as of October 3 [2] - Key commodities also saw gains, with LME copper rising by 4.20% [2] Group 2: Significant Events - OpenAI's new AI video generation app, Sora, reached the top of the Apple App Store's free app chart within four days of its launch [4] - Major chip manufacturers, including Samsung and SanDisk, have raised product prices due to a sustained increase in storage chip prices over the past six months, with Micron's stock rising approximately 60% in the last month [5][6] - Berkshire Hathaway announced a $9.7 billion cash acquisition of Occidental Petroleum's chemical business, marking a significant investment in the chemical sector [8] - A $1 billion investment fund is being established by Brazil's National Bank for Economic and Social Development and the Export-Import Bank of China, targeting sectors like energy transition and artificial intelligence [9] - The Chinese National Bureau of Statistics reported that the box office for the National Day holiday exceeded 1 billion yuan, with top films including "The Volunteer Army: Blood and Peace" [10] Group 3: Economic Indicators - The U.S. non-farm payroll report for September was delayed due to a government shutdown, impacting economic data availability [11] - OPEC+ is expected to approve an increase in oil production by at least 137,000 barrels per day in their upcoming meeting [12] - As of October 4, market expectations indicate a 94.6% probability of a 25 basis point rate cut by the Federal Reserve in October [14]

Core Insights - Berkshire Hathaway has agreed to acquire Occidental Petroleum's chemical business, OxyChem, for $9.7 billion in cash, marking a significant transaction as it may be Warren Buffett's last major acquisition before stepping down as CEO at the end of the year [1][2]. Group 1: Acquisition Details - This acquisition is Berkshire's largest since the $11.6 billion purchase of insurer Allegheny in 2022, but it does not significantly impact the company's cash reserves, which were approximately $340 billion as of June 30 [2]. - The deal is perceived as a potential bargain due to the current depressed earnings in the chemical sector, with expectations for earnings to improve in the future [4]. Group 2: Market Reactions - Following the announcement, Occidental Petroleum's shares fell by as much as 8.1% on the day, ultimately closing the week down 5.5% [4]. - Analysts have mixed views on the deal; while some see it as beneficial for Berkshire, others highlight the challenges it poses for Occidental, including a $1.7 billion tax hit that could have been avoided if Berkshire had used its preferred shares for the transaction [6][7]. Group 3: Strategic Implications - The acquisition allows Occidental to reduce its debt load, which is viewed positively by analysts, indicating a strategic move that benefits both companies [7]. - Berkshire Hathaway's Vice Chairman, Greg Abel, emphasized the importance of the deal for Occidental's long-term financial stability, although the announcement notably did not mention Buffett's name [8].

Core Points - Berkshire Hathaway has separated the roles of Chairman and CEO, with the board voting on September 30 to amend the company's bylaws, effective immediately [2][4] - Greg Abel, the current Vice Chairman, is set to become the CEO in early 2026, marking a significant leadership transition [6][7] - Berkshire announced a $9.7 billion acquisition of Occidental Petroleum's chemical business, OxyChem, which is the largest acquisition since 2022 and was orchestrated by Greg Abel [9][12] Company Governance - The amendment to the bylaws includes a new clause that separates the roles of Chairman and CEO, reflecting a shift in governance structure [4][6] - Warren Buffett, who has held both positions since 1965, will continue as Chairman while Greg Abel prepares to take over as CEO [6][8] Acquisition Details - The acquisition of OxyChem is a cash transaction valued at $9.7 billion, aimed at enhancing Berkshire's portfolio with a well-managed asset [9][11] - Occidental Petroleum's motivation for the sale is to alleviate debt, with plans to use $6.5 billion from the sale to reduce its debt load [11][12] - The deal is expected to close in Q4 2025, pending regulatory approval and other customary closing conditions [12]

Core Insights - Occidental Petroleum has completed its largest divestment by selling its chemical unit OxyChem to Berkshire Hathaway for $9.7 billion, marking a significant step in its strategy to reduce debt [1] - The company plans to allocate $6.5 billion of the proceeds towards debt reduction, bringing its principal debt below the $15 billion target set after the $12 billion CrownRock acquisition [2] - The sale enhances Berkshire Hathaway's position as the largest shareholder in Occidental, now holding a 27% equity stake, while Occidental focuses on its core oil and gas production, which accounted for 75% of its 2024 earnings [3] Company Overview - Occidental Petroleum Corporation is valued at $43 billion and operates globally in the energy sector, with activities in the U.S., Middle East, and North Africa, focusing on oil and gas, chemicals, and midstream segments [4] - The company is also investing in low-carbon ventures, combining traditional energy production with carbon management for sustainable growth [4] Market Performance - Following the announcement of the divestment, Occidental's shares fell over 6%, reflecting investor caution regarding the deal, with the stock experiencing a 10% decline year-to-date as of early October 2025 [5] - The broader energy sector is facing challenges, with oil prices dropping to four-month lows due to oversupply concerns [5] Valuation Metrics - Occidental's forward P/E ratio stands at 20, significantly above the sector median of 13, indicating potential overvaluation compared to peers [6] - However, its price-to-cash-flow ratio of 4 is lower than the sector's 5, suggesting some level of undervaluation [6]

Berkshire Hathaway ( BRK.B ) announced on Thursday that it would be buying Occidental Petroleum's ( OXY ) OxyChem unit for nearly $10 billion. Berkshire already owns a substantial position in Occidental, but this acquisition presents an opportunityFreelance writer focused on ETFs, portfolio management and macro.To receive notifications of new articles and blog posts as soon as they're published, click on the orange Follow button and become a real-time follower.Analyst’s Disclosure:I/we have no stock, option ...

Core Viewpoint - Berkshire Hathaway has agreed to acquire Occidental Petroleum's chemical subsidiary OxyChem for $9.7 billion in cash, marking a strategic move to reduce Occidental's debt while enhancing Berkshire's portfolio in the chemical sector [1][2][9]. Group 1: Transaction Details - The acquisition is orchestrated by Greg Abel, who is identified as Buffett's successor, and represents his first major merger since the announcement of his succession [2][9]. - The deal is characterized as a "Berkshire-style" transaction, aiding Occidental in reducing its $24 billion debt burden, with $6.5 billion of the proceeds earmarked for debt repayment to lower liabilities below $15 billion [2][6]. - Following the announcement, Occidental's stock fell by 7.3%, reflecting market concerns about the nature of the transaction as a "rescue" [2]. Group 2: Implications for Occidental Petroleum - The sale of OxyChem is a critical step in Occidental's plan to cut its debt, which has been exacerbated by previous acquisitions, including a $55 billion purchase of Anadarko Petroleum in 2019 [6]. - Analysts suggest that while the transaction aids in debt reduction, it may hinder OxyChem's anticipated free cash flow due to ongoing capital expenditures for expansion [4]. - The deal is seen as a necessary but costly move for Occidental's CEO Vicki Hollub, as the company has faced increasing investor concerns over its financial health, with stock prices dropping over 17% in the past year [6]. Group 3: Benefits for Berkshire Hathaway - For Berkshire, acquiring OxyChem allows it to control one of the largest independent producers of petrochemicals globally, enhancing its industrial portfolio [5][8]. - The transaction is viewed as a strategic investment that not only stabilizes Berkshire's investment in Occidental, which it holds a 29.6% stake in, but also positions the company favorably within the chemical industry [4][8]. - This acquisition is the largest for Berkshire since its $11.6 billion purchase of Alleghany in 2022, showcasing Abel's decisive approach to capital allocation [9]. Group 4: Market Perception and Future Outlook - The sale of OxyChem simplifies Occidental's business structure, potentially making it a more attractive target for future acquisitions in the energy sector [10]. - The transaction creates a "win-win" scenario for both companies, with Berkshire acquiring a quality asset at a favorable price while ensuring that the proceeds are used to strengthen its investment in Occidental [10].