Berkshire Hathaway in talks to buy petrochemical business from Occidental Petroleum for $10B: WSJ

Potential Acquisition - Berkshire Hathaway is in discussions to acquire Occidental Petroleum's petrochemical business for approximately $10 billion [1] - This deal would be Berkshire Hathaway's largest acquisition since its $11 billion+ purchase of Alleghany in 2022 [2] - Berkshire Hathaway is already Occidental Petroleum's largest shareholder [2] Occidental Petroleum's Chemical Business Performance - The chemical business sector is currently experiencing a downturn [3] - Occidental's pre-tax trap profit expectations for the chemical unit were $850 million, compared to $11 billion in 2024 and $15 billion in 2023 [3] Market Reaction - Occidental shares are up by about 13% [3] Upcoming Economic Data - The market is anticipating the release of ADP jobs data at 8 a m Eastern [4]