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In the news: Buffett bought more than 10 million shares of
- The conglomerate now has a 27 percent stake in the oil giant. The value of that "parcel" of shares amounts to some
13.6 billion euros . -
Berkshire first invested in
Occidental Petroleum in 2019 to finance the$55 billion purchase ofAnadarko Petroleum . Since then, the billionaire has increased his stake in the oil company several times . -
Remember: Buffett was authorized by the regulator
FERC (in fullFederal Energy Regulatory Commission ) to buy up to 50 percent of the shares in 2022.
Acquisition of an industry peer
Details: By increasing his stake in
Occidental Petroleum announced early this week that it will acquire its sector peer for$10.8 billion. To finance that acquisition deal, the oil producer will issue$9.1 billion in debt and$1.7 billion in common stock.
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