Buffett’s Berkshire Hathaway Seeks to Purchase as Much as 50% of Occidental
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Berkshire Hathaway Inc. won endorsement from US controllers to purchase as much as half of Occidental Petroleum Corp.
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In the wake of going through months gobbling up its portions, Occidental's stock had its greatest addition in five months.
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." Berkshire applied for the approval on July 11, FERC said".Berkshire's proposed stock buys are "steady with the public interest.
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Berkshire has gone through this year betting more on Occidental after first making a bet on the Houston-based oil organization quite a while back
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Berkshire detailed that it presently holds 188 million portions of Occidental's normal stock, somewhat more than 20% of its 931 million offers extraordinary.
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"No inquiry Buffett goes to half from here," said Bill Smead, who oversees $4.8 billion at Smead Capital Management Inc.
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Occidental is the best-performing stock in the S&P 500 this year by some edge, rising 146%.
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As the index declined 11%, driven by Buffett's consistent purchasing and high oil costs
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Berkshire has clearance to buy more Occidental shares, I believe that the company will buy more shares and adopt equity method accounting.