Berkshire Hathaway has agreed to acquire Occidental Petroleum's petrochemical arm, OxyChem, for $9.7 billion. This marks the largest acquisition by Warren Buffett's firm in three years. Notably, the announcement omits Buffett's name, suggesting a leadership transition to Greg Abel. Berkshire has a longstanding investment in Occidental, significantly increasing its stake over time. This move highlights Berkshire's continued strategic investment in the energy sector.

Prepared by Christopher Adams and reviewed by editorial team.