Berkshire Hathaway has agreed to buy the petrochemicals business of Occidental Petroleum for $9.7bn, in the first deal masterminded by Greg Abel since he was named as Warren Buffett’s successor as chief executive.
Occidental said on Thursday that it would sell its OxyChem business to Berkshire, in an all-cash deal that is part of the oil and gas group’s multiyear divestment programme aimed at cutting its $24bn debt pile. The deal is the conglomerate’s biggest transaction in three years.
Berkshire is the largest shareholder in Occidental, one of the biggest oil and gas producers in the US, with a 29.6 per cent stake. The deal is set to be Berkshire’s biggest transaction since the $11.6bn buyout of insurance group Alleghany in 2022.
您已阅读21%（738字），剩余79%（2706字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。