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Berkshire Hathaway (NYSE:BRKa) has said it acquired another 794,389 shares of Occidental Petroleum (NYSE:OXY) to raise its stake in the oil company to 16.4%.
Buffett’s Berkshire spent roughly $44 million to buy more Occidental shares, according to a filing. The conglomerate now owns over 153 million shares after it also bought 9.6% million Occidental shares last week.
Moreover, Berkshire owns options to acquire another 83.9 million Occidental shares that, if exercised, would see the stake increase to over 25%.
Yesterday, OXY stock price closed at $58.90, or 2.4% higher on the day. Shares are up a further 2.2% in pre-open Tuesday.
