Buffett's Last Big Deal? OxyChem Buy Signals Berkshire Transition as Abel Steps Up
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Buffett's Last Big Deal? OxyChem Buy Signals Berkshire Transition as Abel Steps Up
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Berkshire Hathaway has been making major headlines this week after announcing the acquisition of Occidental Petroleums chemical division OxyChem for 9.7 billion dollars with many analysts characterizing it as potentially Warren Buffetts last big deal. Market watchers quickly noted that Berkshire materials for the news release spotlighted Greg Abel instead of Buffett, a quiet but unmistakable passing of the corporate torch as Abel prepares to take over as CEO this coming January. Still, Warren Buffett remains chairman and is expected to help steer decisions about the companys formidable 344 billion dollar war chest. While the OxyChem buy is substantial, it utilizes less than three percent of Berkshires available cash and some investors seemed unimpressed with Berkshires shares dipping and Occidentals falling more than seven percent after the announcement according to ClickOrlando and Virginia Business. Meanwhile, on social media and business news platforms the transition narrative is gaining traction with analysts like Edward Jones Jim Shanahan speculating about whether Abel will break from Buffetts hands-off legacy and consider more integration among Berkshire holdings though this is as yet unconfirmed and remains speculation. Adding to the intrigue, Buffett’s massive holdings in Occidental itself became a talking point—he owns over 28 percent of the stock and has warrants for nearly 84 million more shares, as well as billions in preferred stock paying him an eight percent dividend annually. The OxyChem deal also arrives amid Buffetts own comments reassuring investors last year that Berkshire had no plans to buy all of Occidental even while he continued to quietly increase his stake. With OxyChem manufacturing essential chemicals such as chlorine for water treatment and ingredients for plastics and ice melt, the acquisition bolsters Berkshires industrial portfolio, complementing its 2011 purchase of Lubrizol. The largest theme across financial media and Twitter has been what this deal signals culturally: Buffett’s legendary acquisition prowess might be giving way to a careful handoff, putting Abel front and center as Berkshire embraces succession after more than six decades of Buffett at the helm. As of now there are no fresh public appearances reported for Buffett or Abel and the next focus shifts to how Occidental will allocate this huge influx of cash mostly to cutting down debt in its own books. Barring last-minute regulatory twists, the OxyChem deal is expected to officially close by year-end.
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