Berkshire to Buy Occidental’s Chemical Unit for $9.7 Billion (2)

Warren Buffett’s Berkshire Hathaway Inc. reached a deal to buy Occidental Petroleum Corp.’s petrochemical business for about $9.7 billion in cash.

The deal is the latest evidence that Buffett appears back on the hunt after years of refraining from large takeovers and progressively unwinding large holdings like his stake in Apple Inc.

Warren Buffett

Photographer: Andrew Harrer/Bloomberg

The transaction is expected to close in the fourth quarter, Berkshire said Thursday in a statement. Shares of Occidental fell as much as 4.6%, while Berkshire’s Class B stock climbed 0.2%.

OxyChem is set to be Berkshire’s largest acquisition since it took ...