There is a high possibility that Buffett will buy all of Occidental Petroleum.
Berkshire Hathaway (BRK.A, BRK.B) submitted a filing to the SEC on Thursday, July 7, showing that the company has increased its stake in Occidental Petroleum (OXY) again. It bought 12 million shares worth $0.7 billion on Tuesday and Wednesday, further increasing its stake to 18.7%. $Berkshire Hathaway-A (BRK.A.US)$ $Berkshire Hathaway-B (BRK.B.US)$ $Occidental Petroleum (OXY.US)$
Buffett's last purchase of Occidental Petroleum was between Wednesday (June 29th) and Friday (July 1st) last week, when he bought nearly 10 million shares. Barron's noticed that the purchase price was higher than $60 per share, which was the first time that Buffett was willing to buy Occidental Petroleum's stock at $60 per share. The previous purchase price was between $57 and $59 per share.
Berkshire Hathaway now holds a total of 0.1754 billion shares of Occidental Petroleum, worth $10.8 billion. On Thursday, Occidental Petroleum's stock rose 4% to $61.47.
The stake may further rise to 20%, making a complete acquisition very likely.
Barron's reported on Tuesday (July 5th) that some people in the market speculate that Berkshire Hathaway CEO Buffett may raise his stake in Occidental Petroleum to 20%.
Barron's...