Berkshire Hathaway, the Warren Buffett-owned conglomerate, has announced its biggest deal in three years with the planned acquisition of OxyChem for $9.7 billion.

This will be Buffett’s biggest deal since he paid $11.6 billion for Alleghany, an insurance company, in 2022. Buffett, 95, recently announced he was stepping down as CEO at the end of the year.