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AP National Business

Buffett’s company likely to add to its stake in Occidental

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Published 10:44 AM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett’s company now has clearance to boost its current 20% stake in Occidental Petroleum up to 50% of the oil producer. But it’s not immediately clear how many more shares Berkshire Hathaway plans to buy. Occidental shares soared nearly 12% Friday after the Federal Energy Regulatory Commission revealed that it had approved the purchases. The stock gave up some of those gains Monday to trade just below $70 after speculation that Berkshire might try to buy the entire company cooled. Analysts that follow Berkshire expect Buffett to buy more Occidental shares once the price falls below $60 again.

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