Buffett Invests $590 Million in Occidental Petroleum's Acquisition
Originally Published 2 years ago — by Yahoo Finance
Berkshire Hathaway, led by Warren Buffett, has purchased nearly $590 million worth of Occidental Petroleum stock this week following Occidental's agreement to acquire CrownRock LP, a private Permian producer. Berkshire has been steadily buying Occidental stock over the past three years and now holds a stake of just over 27%, making it the company's largest shareholder. While Occidental did not require Buffett's assistance to fund the CrownRock acquisition, Berkshire's recent purchases are seen as a show of support for the deal.
