OMAHA, Neb. (AP) — Berkshire Hathaway is buying Occidental Petroleum’s chemical division for $9.7 billion in what may be one of the last big deals of Warren Buffett. Buffett wasn’t mentioned anywhere in materials released by Berkshire Hathaway on Thursday, seemingly signaling the passing of the torch to Greg Abel. Berkshire’s cash pile has been steadily growing for years to hit $344 billion because Buffett has been unable to find any major acquisitions at attractive prices since completing the $11.6 billion acquisition of Alleghany Insurance in 2022. OxyChem will fit nicely within Berkshire alongside Lubrizol, which Buffett bought in 2011 for $9 billion, but Berkshire generally doesn’t consolidate its subsidiaries, so OxyChem will likely continue operating independently.
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