Stock Market News·2025-10-02 11:38Group 1: Berkshire Hathaway and Occidental Petroleum Acquisition - Berkshire Hathaway is acquiring Occidental Petroleum's petrochemical division, OxyChem, for $9.7 billion in an all-cash transaction [2][7] - The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals [2] - Occidental Petroleum plans to use approximately $6.5 billion of the proceeds to reduce its debt, targeting a principal debt level below $15 billion [2] - The remaining ~$1.5 billion (after-tax) will be added to Occidental's balance sheet, with anticipated annual interest expense savings of over $350 million [2] Group 2: Geopolitical Tensions and EU Financial Support - Russia issued a warning to the European Union regarding the use of frozen Russian assets for loans to Ukraine, calling the proposal "delusional" [3][7] - The EU plans to double its financial support to Greenland to over €530 million under its next long-term budget, aiming to enhance cooperation on critical raw materials and energy [4][7] - The EU views Greenland as strategically important in the Arctic amidst growing international interest [4] Group 3: U.S. Support for Argentina - U.S. Treasury Secretary Scott Bessent reaffirmed the U.S. commitment to supporting Argentina's economic stability, indicating readiness to assist President Javier Milei's economic policies [5][7] - Discussions include negotiating a $20 billion swap line with Argentina's central bank and potential purchases of U.S. dollar-denominated government bonds [5]