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Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 mn

Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 mn

Berkshire last bought Occidental shares on Oct. 25 and acquired a 25.8% stake worth approximately $14.4 billion.

Reuters
  • Updated Dec 15, 2023 11:35 AM IST
Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 mnBerkshire Hathaway buys Occidental Petroleum shares worth about $588.7 mn (Photo: Warren Buffett, CEO of Berkshire Hathaway Inc/Reuters)

Berkshire Hathaway has acquired nearly 10.5 million shares of Occidental Petroleum so far this week for about $588.7 million, according to a filing at the US Securities and Exchange Commission on Wednesday.

The purchases bring Berkshire's stake in Occidental to about 27%. The company also holds preferred shares and warrants to acquire another 83.8 million Occidental shares for $4.7 billion, or $56.62 apiece.

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The shares and warrants were obtained as part of a deal that helped Occidental finance its 2019 purchase of Anadarko Petroleum. If exercised, the warrants would bring Berkshire's total ownership to 33%.

Occidental closed at $57.22 on Wednesday.

Berkshire last bought Occidental shares on Oct. 25 and acquired a 25.8% stake worth approximately $14.4 billion.

Berkshire owns dozens of businesses including several energy operations, the BNSF railroad and Geico car insurance, and hundreds of billions of dollars of stocks including Apple.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Dec 15, 2023 11:35 AM IST
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