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24x7Report > Blog > Finance > Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 million
Finance

Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 million

Last updated: 2023/12/14 at 5:47 AM
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Berkshire Hathaway buys Occidental Petroleum shares worth about $588.7 million
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(Reuters) – Berkshire Hathaway has acquired almost 10.5 million shares of Occidental Petroleum thus far this week for about $588.7 million, in line with a submitting on the U.S. Securities and Trade Fee on Wednesday.

The purchases carry Berkshire’s stake in Occidental to about 27%. The corporate additionally holds most well-liked shares and warrants to amass one other 83.8 million Occidental shares for $4.7 billion, or $56.62 apiece.

The shares and warrants had been obtained as a part of a deal that helped Occidental finance its 2019 buy of Anadarko Petroleum. If exercised, the warrants would carry Berkshire’s complete possession to 33%.

Occidental closed at $57.22 on Wednesday.

Berkshire final purchased Occidental shares on Oct. 25 and purchased a 25.8% stake value roughly $14.4 billion.

Berkshire owns dozens of companies together with a number of power operations, the BNSF railroad and Geico automobile insurance coverage, and tons of of billions of {dollars} of shares together with Apple.

(Reporting by Anirudh Saligrama in Bengaluru; Modifying by Sherry Jacob-Phillips and Sonia Cheema)

See also  Rivian Shares Drop on Salaried Staff Cuts, Stalled Momentum

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TAGGED: Berkshire, Buys, Hathaway, Million, Occidental, Petroleum, Shares, Worth

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