Berkshire Hathaway has struck a deal to acquire Occidental Petroleum’s chemical division, OxyChem, for $9.7 billion. The move could mark Warren Buffett’s final major acquisition before he steps down as CEO at the end of 2025.
Berkshire already owns 28% of Occidental and holds preferred shares and warrants in the company. Under the new agreement, $6.5 billion of the proceeds will be used to reduce Occidental’s principal debt.
As part of a broader leadership transition, Buffett will stay on as chairman, while Greg Abel will take over as CEO — deepening his operational role as Berkshire’s next leader.
The OxyChem deal is expected to close in the fourth quarter of 2025, expanding Berkshire’s industrial footprint alongside its existing holdings like Lubrizol.
Summary: What company is Berkshire Hathaway acquiring in its latest deal?
Berkshire Hathaway is acquiring Occidental Petroleum’s chemical division (OxyChem) in a $9.7 billion deal.
Why is this acquisition significant for Warren Buffett?
It could be Buffett’s last major deal before he steps down as CEO at the end of 2025, marking a defining moment in his legacy.
When is the OxyChem deal expected to close?
The acquisition is expected to close in the fourth quarter of 2025.
