Shares of Occidental Petroleum (NYSE:OXY) climbed 1.3% in premarket trading after reports indicated that Berkshire Hathaway (NYSE:BRK.A), led by Warren Buffett, is in negotiations to acquire Occidental’s OxyChem petrochemical division.
The Wall Street Journal reported on Tuesday that the discussions involve a potential transaction valued at around $10 billion.
According to the report, the deal could be finalized within a matter of days.
Investors responded positively to the news, lifting Occidental’s stock as the market digested the prospect of the petrochemical business being sold to Buffett’s conglomerate.
Occidental Petroleum stock price
Berkshire Hathaway stock price
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