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Warren Buffett’s Berkshire Hathaway Inc. said Thursday that it is buying Occidental Petroleum Corp.’s OxyChem chemicals unit, marking the conglomerate’s latest foray into the petrochemical business.
The $9.7 billion deal comes less than three months before
Buffett plans to retire, and as Berkshire Hathaway has been stockpiling cash. It marks Berkshire Hathaway’s BRK.A BRK.B largest acquisition in three years, and its second petrochemicals acquisition following its 2011 purchase of specialty-chemicals maker Lubrizol Corp. That acquisition was valued at almost $10 billion at the time.
This post was originally published on Market Watch
