Warren Buffett Not Expected to Make Bid for Control of Occidental - Report

Seeking Alpha2022-08-22

Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) is not expected to make a bid for full control of Occidental Petroleum (NYSE:OXY) even after he received regulatory approval to buy 50% of the driller.

Buffett hasn't informed Occidental (OXY) of any plans to purchase a controlling stake in the company, according to a WSJ report, which cited people close to the matter.

Buffett is also unlikely to try to gain full control of the company at current prices as he typically is known as a value hunter, the WSJ said. Occidental (OXY) is said to believe Buffett may consider making a bid for the entire driller if oil prices fall and OXY stock drops subsequently.

On Friday Occidental (OXY) stock popped 9.9%after the Federal Energy Regulatory Commission approved a request from Berkshire Hathaway (BRK.A) (BRK.B) to accumulate as much as a 50% stake in the oil producer.

Earlier this month, Berkshire (BRK.A) (BRK.B) disclosed it bought 6.68M more common shares of Occidental, bringing its stake in the energy company to 20.2%.

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Comments

  • hphoa
    2022-08-22
    hphoa
    Ok
  • HengHuat
    2022-08-22
    HengHuat
    He got a vision
  • Jialatsia
    2022-08-22
    Jialatsia
    Meep
  • Tiga3
    2022-08-22
    Tiga3
    Like please. Thank You 😊 
  • paul55555
    2022-08-22
    paul55555
    Ok
  • BenjiFuji
    2022-08-22
    BenjiFuji
    Interesting. I wonder what criteria will make him own the company vs take a substantial stake. [Thinking] [Glance] 
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