Core Viewpoint - Berkshire Hathaway announced the acquisition of Occidental Petroleum's petrochemical unit, OxyChem, for $9.7 billion, marking the largest deal by the firm in the last three years [1][2]. Group 1: Acquisition Details - The acquisition is an all-cash transaction, with Berkshire paying $9.7 billion, of which Occidental plans to use $6.5 billion to reduce its debt below $15 billion [2]. - This deal is the largest for Berkshire since acquiring Allegheny Corporation for $11.6 billion in 2022 [2]. Group 2: OxyChem's Operations - OxyChem produces basic chemicals such as chlorine and sodium hydroxide, which are utilized in water treatment and healthcare [3]. - Occidental has lowered its full-year forecast for OxyChem's pre-tax income by approximately 15% to a range of $800 million to $900 million due to an ongoing market surplus [3]. Group 3: Leadership Transition - The announcement of the acquisition does not mention Warren Buffett, indicating a leadership transition to Greg Abel, who is set to assume the role of chief executive [4]. - Buffett will remain as chairman and continue to be involved in decision-making processes [4]. Group 4: Background on Berkshire's Investment - Berkshire has a long-standing investment in Occidental, initially supporting its acquisition of Anadarko Petroleum with a $10 billion commitment in 2019 [6]. - The firm has been gradually increasing its stake in Occidental, which currently stands at approximately 28.2% [2][6]. - Occidental has been focused on reducing its debt following its $10.8 billion acquisition of CrownRock and plans to sell around $4 billion in assets [6].

Warren Buffett's Berkshire Hathaway has announced plans to buy OxyChem from Occidental Petroleum for $9.7 billion. That's the largest deal the company has announced in three years and possibly the last it will undergo with Warren Buffett as CEO. OxyChem is a petrochemical company that is the leading provider of PVC, used to make everything from pipes to medical supplies to electrical conduits. It also makes water treatment chemicals and other products. “We look forward to welcoming OxyChem as an operatin ...

Group 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]

Occidental Petroleum said on Thursday it would sell its petrochemical division to Warren Buffett's Berkshire Hathaway for $9.7 billion, as the U.S. oil and gas producer looks to pare debt. ...

Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.Warren Buffett's Berkshire Hathaway announced Thursday it reached a deal to buy Occidental Petroleum's petrochemical unit, OxyChem, for $9.7 billion in cash.The deal marks Berkshire's largest since 2022, when it paid $11.6 billion for insurer Alleghany. It also comes at a time in which the conglomerate is sitting on $344 billion in cash, a record for the company.Berkshire is already a major inve ...

Berkshire Hathaway is reportedly nearing a $10 billion deal to buy the petrochemical division of Occidental Petroleum, in what would be the largest deal by Warren Buffett’s conglomerate since 2022. https://t.co/LfFWr2rPNl ...

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]

Welcome back everybody. Bergkshire Hathaway is reportedly speaking with Accidental Petroleum about buying the company's prochemical business for about $10 billion. The Wall Street Journal says that a deal could come together within days.A deal to buy the accidental unit would be Berkshire Hathaway's biggest since 2022 when it paid more than 11 billion to buy insurer Alagany. Bergkshire Hathway is accidental Petroleum's largest shareholder. There have been a lot of questions about what would happen with this ...

Berkshire Hathaway is negotiating the acquisition of the petrochemicals business of Occidental Petroleum in a deal that could fetch $10 billion for the oil major, the Wall Street Journal has reported, citing unnamed people familiar with the talks. According to these people, the deal could close in a few days, with WSJ noting that if closed, the deal would be Berkshire Hathaway’s largest acquisition since 2022, when it paid $11.6 billion for insurance company Alleghany. Warren Buffett’s investment company ...

The ABC Region in São Paulo, Brazil, refers to an industrial metropolitan area composed originally of three cities: Santo André (A), São Bernardo do Campo (B), and São Caetano do Sul (C). These three cities form a major industrial hub south of São Paulo city and are renowned for their significant automotive, petrochemical, and metallurgical industries. Opened in 1972, the ABC region’s raw material plant was part of the first petrochemical complex to begin operations in Brazil. Installed in Santo André, the ...