Core Insights - Berkshire Hathaway plans to acquire OxyChem from Occidental Petroleum for $9.7 billion, marking its largest deal in three years and potentially the last under Warren Buffett's leadership as CEO [1][2] Group 1: Acquisition Details - OxyChem is a leading petrochemical company specializing in PVC production, which is utilized in various applications including pipes, medical supplies, and electrical conduits [1] - The acquisition is expected to close in the fourth quarter, with OxyChem planning to use $6.5 billion of the proceeds to reduce its debt [2] Group 2: Management and Future Leadership - Greg Abel, Vice Chairman of Non-Insurance Operations and incoming CEO, expressed enthusiasm about integrating OxyChem into Berkshire Hathaway and praised Occidental's commitment to financial stability [2] - Warren Buffett, who is 95 years old, announced plans to step down as CEO by the end of 2025 but will continue as chairman, with Abel taking over the CEO role [4]