Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Buffett’s Berkshire Gets a Path to Boost Occidental Stake to 50%

Aug. 19, 2022, 8:34 PM

Warren Buffett’s Berkshire Hathaway Inc. won approval from US regulators to buy as much as 50% of Occidental Petroleum Corp. after spending months snapping up its shares. Occidental’s stock had its biggest gain in five months.

The Federal Energy Regulatory Commission said in a filing published Friday that Berkshire’s proposed stock purchases are “consistent with the public interest.” Berkshire applied for the authorization on July 11, FERC said.

Warren Buffett speaks during the virtual Berkshire Hathaway meeting on May 2, 2020.
Photographer: Andrew Harrer/Bloomberg

Berkshire has spent this year wagering more on Occidental after first making a bet on the Houston-based oil company three years ago. Earlier this month, Berkshire reported that it now ...