Berkshire Hathaway, owned by billionaire Warren Buffett, continues to buy shares in Occidental Petroleum, and now controls more than 25% of the oil producer. A new filing with the Securities and Exchange Commission (SEC) shows the company bought an additional 2.1 million shares of Occidental this week worth about $123 million.
The latest purchases give Berkshire more than 224 million shares worth nearly $13 billion, all bought in the last year and a half.
Buffett has consistently bought shares when they dip below $60, oil prices are down 13% this year and Occidental shares are down 8%.
Buffett told shareholders at their annual meeting that he has no plans to buy all of Occidental, but last year he got permission from federal regulators to buy up to 50% of the oil producer.
Berkshire holds guarantees to buy another 83.9 million shares for $59.62 each, so more purchases seem likely. Source: Associated Press
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