Speaking at Berkshire’s annual shareholder meeting, Buffett rejected speculation that Berkshire would buy Occidental after having accumulated a 23.6 per cent stake
“We will not be making any offer for Occidental,” Buffett said. “We have got the right management.”Analysts and investors have said an acquisition could diversify Berkshire’s energy portfolio, which includes several utilities, electricity distributors and renewable power projects.
Berkshire ended March owning $21.6 billion of Chevron stock, though it appeared to sell about $6 billion in the first quarter, Edward Jones & Co analyst Jim Shanahan estimated.
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