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巴菲特突发!重仓股暴跌,最新出手→
Zheng Quan Shi Bao· 2025-10-03 01:17
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 [1][3][5]. 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 regarding the deal's implications [1]. Group 2: Acquisition Details - Berkshire Hathaway announced it would acquire OxyChem from Western Oil for $9.7 billion in an all-cash transaction [3]. - OxyChem is a global manufacturer of commodity chemical products, with applications in water treatment, pharmaceuticals, healthcare, and commercial and residential development [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 expressed concerns that the acquisition price is low compared to previous valuations of around $12 billion for OxyChem [5]. Group 4: Berkshire Hathaway's Position - Berkshire Hathaway holds over $340 billion in cash, marking its largest acquisition since 2022 [6]. - The company is the largest shareholder of Western Oil, owning approximately 27% of its outstanding shares, making it the seventh-largest investment in Berkshire's portfolio [6]. - Berkshire's last significant chemical acquisition was in 2011, when it purchased Lubrizol for about $10 billion [6].