巴菲特重仓股暴跌，最新出手

Core Viewpoint - Western Oil's stock price experienced a significant decline following the announcement of Berkshire Hathaway's acquisition of its chemical subsidiary OxyChem for $9.7 billion, raising concerns about the impact on Western Oil's future cash flow and the perceived low valuation of the deal [3][5][6] Group 1: Stock Performance - On October 2, Western Oil's stock initially rose over 2% in pre-market trading but then fell sharply, closing down 7.31% at $44.23 per share [1] - The stock price drop occurred despite the announcement of a major acquisition, indicating market skepticism about the deal's implications [1] Group 2: Acquisition Details - Berkshire Hathaway announced it would acquire OxyChem from Western Oil for $9.7 billion in cash [3] - OxyChem is a global manufacturer of commodity chemical products, with applications in water treatment, pharmaceuticals, healthcare, and construction [5] - The acquisition is seen as complementary to Berkshire's existing businesses and aligns with Warren Buffett's investment strategy of acquiring quality assets at low prices [5] Group 3: Financial Implications - Western Oil plans to use $6.5 billion from the transaction to pay down debt, aiming to reduce its debt principal below $15 billion by December 2023 [5] - The sale of OxyChem may negatively impact Western Oil's free cash flow growth in the coming years, as the subsidiary was previously expected to generate $800 million to $900 million in pre-tax earnings [5] - Analysts have noted that the acquisition price is lower than OxyChem's previous valuation of approximately $12 billion [5] Group 4: Berkshire Hathaway's Position - Berkshire Hathaway holds over $340 billion in cash, marking this acquisition as its largest since 2022 [6] - The company is the largest shareholder of Western Oil, owning about 27% of its outstanding shares, making Western Oil its seventh-largest investment [6] - Berkshire's last chemical sector acquisition was in 2011, indicating a strategic re-entry into this industry [6]