According to media reports on September 30, informed sources say Buffett-owned Berkshire Hathaway plans to acquire Western petrochemical subsidiary OxyChem for $10 billion, or announce within a few days. This will be its largest merger since 2022. Berkshire is the largest shareholder in Western oil, and Western oil has sold assets several times in recent years to repay debts.
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According to media reports citing Bloomberg News on September 30, local time, people familiar with the matter revealed that Berkshire Hathaway, a subsidiary of "stock god" Buffett, is close to reaching an agreement.It plans to acquire OxyChem, a subsidiary of Occidental Petroleum's chemical business, for about $10 billion.People familiar with the matter, who did not want to be identified, said the deal could be announced in the next few days.
Data suggests that this will be the largest merger since Berkshire Hassaway acquired Alleghany Corp. for $13.7 billion in 2022. So far, representatives of Western Oil and Berkshire Hassaway have not responded publicly to the news.
The Wall Street Journal also reported on the potential transaction on September 30 local time. Reported that Berkshire Hathaway is in talks to acquire OxyChem for approximately $10 billion. The sale of OxyChem may be the latest in a series of divestitures Occidental Oil has been carrying out in recent years to raise cash. This segment supplies chemical products used in the medical, food safety and construction industries.
Berkshire Hathaway is the largest shareholder of Occidental Petroleum, currently holding about 27% of the company's outstanding shares. Berkshire Hathaway began acquiring a stake in the oil and gas producer in February 2022, just as the Russia-Ukraine conflict erupted. However, the rise in international crude oil prices did not last long, and evenTrump isIt fell significantly after returning to the White House, which hit energy companies including Western Oil. As an important shareholder of Occidental Oil, Berkshire Hathaway pays close attention to its strategic adjustments and asset disposal.
Since last year, Western Petroleum has announced the sale of $4 billion in assets to help pay for the debt that was still borne after its $10.8 billion acquisition of its smaller competitor, CrownRock LP, in 2023.
As of the end of June this year, Berkshire Hathaway's cash reserves had exceeded $340 billion.
In August this year, Berkshire Hathaway's second quarter revenue report for 2025 showed that the company achieved revenues of $925.15 billion in the second quarter from $936.53 billion in the same period last year; net profit of $123.7 billion, a decline of 59%, but above the market expectation of $107.3 billion; net investment return of $49.7 billion, a decline of more than 73%; earnings per share of $8601, higher than the market expectation of $7443 and $21122 in the same period last year.
Financial reports showed that the company sold about $3 billion in shares in the second quarter, net sales of shares for the 11th consecutive quarter. As of the end of the second quarter, the company's top five major positions were American Express, Apple, Bank of America, Coca-Cola and Chevron, with the five major positions accounting for 67% of the fair value.
At the end of the second quarter, Berkshire’s cash and cash equivalents reached $344.1 billion, close to a record high, but slightly below $347.7 billion at the end of the first quarter.
According to previous media reports, on May 3, local time in the United States, at the end of the 2025 Berkshire Hathaway shareholders 'meeting, Buffett announced an important decision-he plans to retire at the end of the year and will submit it to the board of directors for approval Greg Abel officially took over the position of CEO. By then, the 94-year-old Buffett will end his six-decade leadership career at Berkshire.
This decision surprised tens of thousands of shareholders at the scene. Buffett made the announcement after a five-hour question and answer session without answering any relevant questions. Buffett said the only board members who knew about this were his two children, Howard Buffett and Susie Buffett.
Buffett, born in August 1930, is a world-renowned investor. In 1957, he founded the Buffett Investment Club, and then acquired Berkshire Hathaway, a textile company on the verge of bankruptcy, in 1965, and gradually transformed it into one of the most valuable investment holding groups in the world through excellent investment decisions.
With his outstanding investment performance, Buffett has long been ranked at the forefront of the Forbes Global Rich List, ranking sixth in 2024. His net assets at the beginning of the year increased to US$151 billion at the end of the year.
Regarding Berkshire's transition from new to old, investment analyst John Smith commented: "Buffett's retirement undoubtedly marks the end of an era, but Abel has rich experience and excellent capabilities, and the market will need some time to adapt to this. With a transformation, I believe Berkshire will remain competitive under the new leadership."
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