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Berkshire Hathaway, led by Warren Buffett, is set to acquire Occidental Petroleum's chemical division, OxyChem, for $9.7 billion. This marks Buffett's largest acquisition in three years and will see $6.5 billion used to reduce Occidental's significant debt. OxyChem produces essential chemicals for various industries, including healthcare and manufacturing. Occidental's CEO expressed confidence in the business thriving under Berkshire Hathaway's ownership.

Prepared by Christopher Adams and reviewed by editorial team.