Warren Buffett’s Berkshire Hathaway will acquire OxyChem, Occidental Petroleum’s petrochemical unit, for $9.7 billion in cash, the companies announced on Oct. 2.
Occidental shares rose more than 1 percent in premarket trading following the announcement, but reversed course shortly after the opening bell, falling by about 4 percent. This year, Occidental shares are down about 10 percent amid high debt levels and falling crude oil prices.
