Berkshire Hathaway announced the acquisition of Occidental Petroleum's petrochemical division, OxyChem, for $9.7 billion. This substantial transaction represents a major deployment of capital for Warren Buffett's conglomerate.
The acquisition will allow Occidental Petroleum to significantly reduce its debt and focus more intently on its core fossil fuels business. For Berkshire Hathaway, it expands its portfolio within the industrial and energy sectors.
This deal is one of Berkshire Hathaway's largest acquisitions in recent years, demonstrating its capacity and willingness to engage in large-scale strategic investments when opportunities align with its long-term value creation philosophy.
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