Berkshire Hathaway (BRK.B) (BRK.A) and Occidental (OXY) announced a definitive agreement for Berkshire Hathaway to acquire Occidental’s chemical business, OxyChem, in an all-cash transaction for $9.7B, subject to customary purchase price adjustments. Under the terms of the agreement, Occidental will sell OxyChem to Berkshire Hathaway for cash consideration of $9.7B, subject to customary purchase price adjustments. Occidental expects to use $6.5B of the transaction proceeds to reduce debt and achieve the target of principal debt below $15B set following the December 2023 announcement of its CrownRock acquisition. An Occidental subsidiary will retain OxyChem’s legacy environmental liabilities, and Glenn Springs Holdings Inc. will continue to manage existing remedial projects for that subsidiary. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals and other customary closing conditions.
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