Warren Buffett’s Berkshire Hathaway is closing in on a $10bn deal to buy the petrochemical division of Occidental Petroleum in what would be the conglomerate’s largest transaction in three years.
Talks between the parties are at an advanced stage and could be completed within days, according to two people familiar with the matter.
The Financial Times on Sunday reported that Houston-based Occidental was in late-stage talks to sell its OxyChem division as part of a divestment process designed to reduce the company’s $24bn debt load.
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