News

Warren Buffett Not Expected to Bid for Control of Occidental Following Approval for Bigger Stake

Green light to buy up to 50% of oil company enables Berkshire to avoid bumping up against FERC-imposed limit

Occidental shares are up 146% for the year, boosted by a rally in the price of oil.Photo: Reuters Staff/REUTERS

Warren Buffett’s bid to boost his big stake in Occidental Petroleum even further isn’t expected to serve as a prelude to a full takeover of the resurgent energy company by the widely watched billionaire, at least for now.

In a regulatory filing Friday, the Federal Energy Regulatory Commission said that Mr. Buffett’s Berkshire Hathaway had received permission to buy up to 50% of the driller’s shares. The news stoked speculation that Berkshire could be gearing up to acquire Occidental.

Most Popular news

Most Popular opinion

Recommended Videos

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News