The post Warren Buffett’s Berkshire Hathaway Buys Occidental’s OxyChem For $9.7 Billion appeared on BitcoinEthereumNews.com. Topline Berkshire Hathaway announced Thursday it would acquire Occidental Petroleum’s petrochemical unit, OxyChem, in a deal valued at $9.7 billion, the largest deal by billionaire Warren Buffett’s firm in the last three years. Buffett has said his Berkshire Hathaway would not take complete control of the oil firm. Copyright 2018 The Associated Press. All rights reserved. Key Facts Berkshire, which holds a roughly 28.2% stake in Occidental, announced it would pay $9.7 billion in an all-cash transaction for OxyChem, $6.5 billion of which Occidental said it would use to reduce debt to below $15 billion. The acquisition appears to be the largest for Berkshire since it acquired insurance firm Allegheny Corporation for $11.6 billion in 2022. OxyChem produces basic chemicals like chlorine, sodium hydroxide and others used for water treatment and healthcare, and Occidental in August lowered its full-year forecast for the unit’s pre-tax income by about 15% to a range of $800 million to $900 million, citing an ongoing market surplus. Surprising Fact Berkshire’s announcement does not mention Buffett, marking an apparent signal of the firm’s leadership transition to Greg Abel, whom Buffett said in May would assume Berkshire’s chief executive role. Abel serves as Berkshire’s vice chair, and Buffett will remain the company’s chairman and will still be involved in decision-making processes. Forbes Valuation Buffett, who became Berkshire’s CEO in 1970, has a fortune estimated at $148.5 billion, ranking him the 10th-wealthiest person in the world. His Berkshire currently holds about $344 billion in cash. Key Background Buffett’s Berkshire has long held investments in Occidental, after first fueling the company’s purchase of Anadarko Petroleum with a $10 billion commitment in 2019. Berkshire was granted regulatory approval in 2022 to acquire as much as a 50% stake in Occidental, and the conglomerate—whose investing portfolio ranges from stakes in Apple,… The post Warren Buffett’s Berkshire Hathaway Buys Occidental’s OxyChem For $9.7 Billion appeared on BitcoinEthereumNews.com. Topline Berkshire Hathaway announced Thursday it would acquire Occidental Petroleum’s petrochemical unit, OxyChem, in a deal valued at $9.7 billion, the largest deal by billionaire Warren Buffett’s firm in the last three years. Buffett has said his Berkshire Hathaway would not take complete control of the oil firm. Copyright 2018 The Associated Press. All rights reserved. Key Facts Berkshire, which holds a roughly 28.2% stake in Occidental, announced it would pay $9.7 billion in an all-cash transaction for OxyChem, $6.5 billion of which Occidental said it would use to reduce debt to below $15 billion. The acquisition appears to be the largest for Berkshire since it acquired insurance firm Allegheny Corporation for $11.6 billion in 2022. OxyChem produces basic chemicals like chlorine, sodium hydroxide and others used for water treatment and healthcare, and Occidental in August lowered its full-year forecast for the unit’s pre-tax income by about 15% to a range of $800 million to $900 million, citing an ongoing market surplus. Surprising Fact Berkshire’s announcement does not mention Buffett, marking an apparent signal of the firm’s leadership transition to Greg Abel, whom Buffett said in May would assume Berkshire’s chief executive role. Abel serves as Berkshire’s vice chair, and Buffett will remain the company’s chairman and will still be involved in decision-making processes. Forbes Valuation Buffett, who became Berkshire’s CEO in 1970, has a fortune estimated at $148.5 billion, ranking him the 10th-wealthiest person in the world. His Berkshire currently holds about $344 billion in cash. Key Background Buffett’s Berkshire has long held investments in Occidental, after first fueling the company’s purchase of Anadarko Petroleum with a $10 billion commitment in 2019. Berkshire was granted regulatory approval in 2022 to acquire as much as a 50% stake in Occidental, and the conglomerate—whose investing portfolio ranges from stakes in Apple,…