Warren Buffett's Berkshire Hathaway Could Be Closing in on $10B Deal With Occidental Petroleum

Group 1 - Berkshire Hathaway is reportedly close to finalizing a $10 billion deal to acquire the petrochemical division of Occidental Petroleum, marking the largest deal since 2022 [2][8] - Warren Buffett is the largest shareholder in Occidental Petroleum and the potential acquisition would be his second significant investment in the chemicals sector after the 2011 acquisition of Lubrizol [3][4] - The company has a record cash pile of $344 billion, which has been built up by selling shares in companies like Apple and Bank of America, and has been cautious about making large acquisitions recently [5][6] Group 2 - The potential deal is significant as Buffett plans to step down as CEO at the end of the year, with investors closely monitoring his actions to understand the future strategy of Berkshire Hathaway [5][6] - Occidental Petroleum has been selling noncore assets to raise cash, and its shares have seen a decline of 4% this year, while Berkshire Hathaway's shares have gained nearly 10% since the start of the year [6][7]