Occidental shares gained 2.65% as buffett expands stake in occidental to 26.8% from 20%.
Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) bought more stock in Occidental Petroleum (NYSE:OXY) to increase its holdings to 26.8% of outstanding shares, a regulatory filing shows.
The disclosure comes a month after Berkshire indicated its stake in the energy producer had reached 20.2% with the purchase of 6.68 million shares.
Buffett's growing ownership of Occidental has sparked speculation that the billionaire investor may consider bidding for the entire company. Even after receiving regulatory approval to buy 50% of the driller, Buffett isn't expected to make such a bid, The Wall Street Journal reported last month, citing people close to the matter.
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