Warren Buffett’s Berkshire Hathaway buys Occidental Petroleum’s OxyChem for $9.7 billion in cash, marking its largest deal since 2022. Occidental plans to use $6.5 billion of proceeds to pay down debt, enabling stock buybacks. The deal is expected to close in the fourth quarter, per The Wall Street Journal.

Buffett, 95, is stepping down as CEO of Berkshire at the end of the year. Occidental CEO Vicki Hollub expressed confidence that the debt reduction from the deal will enhance the company’s financial stability, allowing for stock repurchases and attracting new shareholders. Berkshire’s Vice Chairman Greg Abel will replace Buffett as CEO in 2026.

Read more at CNBC: Warren Buffett Berkshire Occidental Oxychem