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Berkshire Hathaway buys OxyChem for a record 9.7 billion!
Berkshire Hathaway acquires OxyChem for $9.7 billion, its largest acquisition since 2022. Financial boost for Occidental.
Berkshire Hathaway buys OxyChem for a record 9.7 billion!
On October 3, 2025, Berkshire Hathaway entered into a definitive agreement with Occidental Petroleum to acquire OxyChem for a total of $9.7 billion. This represents the company's largest acquisition since 2022, when it spent $11.6 billion on insurance company Alleghany Corporation. The acquisition of OxyChem is significant as the company produces chemicals for various industries, including water treatment, pharmaceuticals and construction.
Greg Abel, vice president of Berkshire Hathaway, emphasized that with this acquisition the group is acquiring a strong portfolio of operating assets. Vicki Hollub, Occidental's president and CEO, spoke of the deal as a move to strengthen the company's financial position. Occidental plans to use about $6.5 billion of the proceeds from the sale to reduce its debt.
Sales of bank stocks and portfolio restructuring
In addition to the acquisition, Berkshire Hathaway has recently sold stakes in major U.S. banks, including Bank of America, JPMorgan Chase and Wells Fargo. In the second quarter of 2023, 26,306,156 shares of Bank of America were sold at a price of approximately $47.57 per share. In the first quarter of 2023, Berkshire had already sold 48.7 million Bank of America shares, which was worth around $2.19 billion.
These changes in the portfolio indicate that Berkshire Hathaway is looking to adjust its investment strategy. While the company previously invested heavily in the banking sector, it now appears to be focusing on companies like Occidental that operate in more stable areas.
Recent developments underscore the dynamic nature of Warren Buffett's investment approaches and his willingness to pivot to ensure long-term financial stability and growth. Experts and analysts will continue to monitor how these moves will impact the market and Berkshire Hathaway's financial performance.
For more details on this transaction and developments at Berkshire Hathaway, visit Daily Hodl.