Occidental in talks to sell petrochemical business for $10 billion: FT

[Occidental Chemical Corporation plant. Occidental Chemical manufactures chemicals including Sodium Silicate.]
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Occidental Petroleum (NYSE:OXY [https://seekingalpha.com/symbol/OXY]) is negotiating the sale of its OxyChem division in a deal that could exceed $10 billion, the Financial Times reported Sunday.

If completed, the transaction would mark Occidental’s (NYSE:OXY [https://seekingalpha.com/symbol/OXY]) largest divestiture to date and create one of the world’s biggest independent petrochemical companies, according to people familiar with the talks cited by the paper.

The Houston-based energy company, which counts Warren Buffett’s Berkshire Hathaway (BRK.A [https://seekingalpha.com/symbol/BRK.A]) (BRK.B [https://seekingalpha.com/symbol/BRK.B]) among its major backers, has been offloading assets to trim its debt load. An announcement on the OxyChem sale could come within weeks, the report said.

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