Occidental sells OxyChem to Berkshire Hathaway for $9.7bn
Occidental has completed the sale of its chemical subsidiary OxyChem to Berkshire Hathaway for $9.7bn, refocusing its activities on oil and gas. The transaction excludes the company’s historical environmental liabilities.
| Countries | États-Unis |
|---|---|
| Companies | Berkshire Hathaway |
| Sector | Pétrole |
| Theme | Investissements & Transactions |
Occidental Petroleum Corporation has announced the completion of the sale of its chemical division, Occidental Chemical Corporation (OxyChem), to Berkshire Hathaway for $9.7bn in cash, subject to customary purchase price adjustments. The transaction marks a strategic shift by the American group towards its oil and gas assets, as part of a financial restructuring plan aimed at reducing its debt.
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