Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting successful Omaha, Nebraska, connected May 3, 2025.
CNBC
Warren Buffett's Berkshire Hathaway is closing successful connected a woody to bargain Occidental Petroleum's petrochemical portion OxyChem for astir $10 billion, the Wall Street Journal reported Tuesday.
The imaginable deal, which could finalize wrong days per the Journal, could beryllium Berkshire's largest since 2022 erstwhile it bought insurer Alleghany for $11.6 billion. That woody was announced successful March of that twelvemonth and completed successful October 2022. Berkshire is sitting connected a grounds currency hoard of $344 billion.
Buffett, 95, is stepping down arsenic Berkshire CEO astatine the extremity of 2025, but helium volition stay arsenic chairman. Buffett's successor Greg Abel, who was CEO of Berkshire Hathaway Energy, is known for his beardown expertise successful the vigor industry.
Shares of Houston-based vigor institution fell 1.8% Tuesday contempt WSJ's report.
The Omaha-based conglomerate owned much than $11 cardinal worthy of Occidental stock, oregon a 28.2% stake. The 95-year-old Buffett antecedently said helium wouldn't instrumentality afloat power of the lipid company, founded by legendary oilman Armand Hammer.
In 2019, Buffett helped bankroll Occidental's acquisition of Anadarko Petroleum with a $10 cardinal commitment, receiving preferred shares and warrants to bargain communal banal successful return.
The billionaire capitalist started buying Occidental communal banal successful the unfastened marketplace successful aboriginal 2022 aft speechmaking a transcript of the lipid company's net league call. He took vantage of the heightened volatility successful the Covid pandemic to scoop up the shares astatine a discount.
Occidental besides pays a 2% dividend output and has been investing successful a c seizure business.
— Click present to scope the archetypal WSJ story.
English (US) ·