Berkshire Hathaway has agreed to acquire Occidental Petroleum's chemical division, OxyChem, for $9.7 billion. The deal, potentially one of Warren Buffett's last major acquisitions, signals a transition to Vice Chair Greg Abel as CEO. While Buffett was not explicitly mentioned in company statements, his significant role in past dealings with Occidental suggests his involvement. The acquisition uses less than 3% of Berkshire's substantial cash reserves and is expected to accelerate Occidental's debt reduction efforts. Investors reacted with a slight dip in Berkshire shares and a larger drop for Occidental.

Prepared by Christopher Adams and reviewed by editorial team.