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Occidental Petroleum (NYSE:OXY) +1.3% post-market after Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) disclosed late Monday that it acquired another 6.68M common shares of the oil and gas company during August 4-8, now owning a 20.2% stake.
According to an SEC filing, Berkshire (BRK.A) (BRK.B) paid ~$391M in multiple transactions at prices ranging from $57.32 to $60.01, giving Buffett’s group a 20.2% stake in Occidental (OXY) worth ~$11.3B.
Berkshire’s (BRK.A) (BRK.B) indirect ownership in Occidental (OXY) now totals more than 188.3M shares, plus 100K preferred shares and warrants to purchase nearly 84M common shares.
Some analysts have speculated that Berkshire could buy all of Occidental, whose share price has more than doubled during the past year.
Image and article originally from seekingalpha.com. Read the original article here.