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Berkshire Purchases More Occidental Shares, Increases Stake to 15.2%|Investing News


May 4, 2022
tagreuters.com2022newsml LYNXNPEI4404B12022 05 05T042631Z 1 LYNXNPEI4404B RTROPTP 3 BERKSHIRE BUFFETT

( Reuters) – Warren Buffett’s Berkshire Hathaway Inc has actually purchased another 5.9 million shares of Occidental Petroleum Corp, increasing its stake in the oil business to about 15.2%.

The purchases were made on Monday and Tuesday and cost about $336 million, Berkshire stated in a regulative filing on Wednesday night.

Following the purchases, Berkshire owned about 142.3 million Occidental shares worth roughly $8.8 billion, plus $10 billion of favored stock it obtained in 2019 to assist fund Occidental’s purchase of Anadarko Petroleum Corp.

Berkshire likewise has warrants to purchase an extra $5 billion of Occidental shares at a small discount rate to their Wednesday closing rate of $61.57.

Occidental’s share rate has more than doubled this year, taking advantage of Berkshire’s purchases and increasing oil rates, which got a more increase after Russia’s intrusion of Ukraine.

Berkshire has actually been on a costs spree in 2022.

It invested $51.1 billion on equities in the very first quarter, consisting of by increasing its stake in oil business Chevron Corp to $25.9 billion.

Berkshire has likewise this year revealed big financial investments in computer game maker Activision Blizzard Inc and computer system and printer maker HP Inc, and a prepared $11.6 billion purchase of insurer Alleghany Corp.

( Reporting by Jonathan Stempel in New York City; Extra reporting by Shubham Kalia in Bengaluru; Modifying by Kim Coghill)

Copyright 2022 Thomson Reuters

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