Berkshire Hathaway Reportedly Buying OxyChem from Occidental

The Financial Times reported that Berkshire Hathaway is in final talks to purchase the petrochemical division of Occidental Petroleum, its largest deal in three years. The divestiture would reduce Occidental’s $24 billion debt load. Buffett is the largest shareholder in Occidental today, owning 26.9% of the company’s outstanding shares.

The OxyChem division reportedly generated nearly $5 billion in revenue last year and market cap of Occidental Petroleum is estimated to be $46.5 billion as of Tuesday’s close of market. An announcement of a finalized deal could come as early as this week.