Warren Buffett’s Berkshire Hathaway announced Thursday it reached a deal to buy Occidental Petroleum’s
The deal marks Berkshire’s largest since 2022, when it paid $11.6 billion for insurer Alleghany. It also comes at a time in which the conglomerate is sitting on $344 billion in cash, a record for the company.
Berkshire is already a major investor in Occidental, holding a 28.2% stake as of the end of June. Buffett — who is 95 and stepping down as CEO at the end of the year — has said he wouldn’t take complete control of the oil company.
Buffett began buying Occidental stock in the open market in 2022, taking advantage of heightened market volatility to scoop shares at cheaper levels.
OxyChem manufactures water treatment, healthcare and other commercial chemicals.
The Wall Street Journal first reported on the deal earlier this week.
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