Berkshire Welcomes OxyChem Into the Fold
For Buffett’s conglomerate, this is not just another acquisition. Greg Abel, Berkshire Hathaway’s vice chairman of noninsurance operations, said OxyChem brings both a robust portfolio of assets and a skilled workforce.
“We look forward to welcoming OxyChem as an operating subsidiary within Berkshire.”
Berkshire Hathaway, a multinational giant spanning insurance, freight rail, energy, retail, and manufacturing, has made a habit of swallowing up long-term performers that align with Buffett’s value-driven philosophy.
Legacy Liabilities and Legal Muscle
Under the terms, Occidental will retain OxyChem’s environmental liabilities through a subsidiary, with Glenn Springs Holdings continuing to oversee existing projects.
The deal was stitched together by top legal teams:
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Cravath Swaine & Moore LLP guided Occidental, led by mergers and acquisitions partners Daniel Cerqueira and George Schoen, alongside specialists in tax, environment, executive compensation, IP, and antitrust.
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Kirkland & Ellis LLP counseled Berkshire, fielding a team across corporate, tax, IP, benefits, employment, and energy regulation, including partners Cy Jones, Andy Calder, Jacob Volz, and others.
A Buffett-Scale Bet
For Buffett, who has famously favored long-term investments in industries that “never go out of style,” OxyChem represents both security and scale. With this acquisition, Berkshire Hathaway doesn’t just diversify — it cements its grip on industries tied directly to everyday life.
The deal is expected to close following regulatory approval, ushering in a new chapter for both Occidental and Berkshire Hathaway’s empire.
