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  4. Buffett's Berkshire Receives Approval to Acquire up to 50% of Occidental Petroleum
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Buffett's Berkshire Receives Approval to Acquire up to 50% of Occidental Petroleum

By Sam Boughedda Warren Buffett's Berkshire Hathaway (NYSE:BRKa) has received Federal Energy Regulatory Commission approval to acquire up to 50% of Occidental Petroleum's...
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Buffett's Berkshire Receives Approval to Acquire up to 50% of Occidental Petroleum © Reuters. Buffett's Berkshire Receives Approval to Acquire up to 50% of Occidental Petroleum

By Sam Boughedda

Warren Buffett's Berkshire Hathaway (NYSE:BRKa) has received Federal Energy Regulatory Commission approval to acquire up to 50% of Occidental Petroleum's (NYSE:OXY) common stock.

Buffett & Co. currently owns 188,366,460 common shares and warrants that cover another 83,858,848 shares. All in, including the warrants, Buffett already controls 272,225,308 shares or 26% of the fully-diluted share count.

Occidental shares jumped 4.5% following the news.

The filing states that Berkshire holds approximately 18.72% of the outstanding common shares of Occidental and is "seeking authorization to acquire up to 50% of Occidental common stock in secondary market transactions."

"After consideration, it is concluded that the Proposed Transaction is consistent with the public interest and is authorized," the filing reads.

Oil and gas prices have surged this year, boosting Occidental's share price. It has gained 134% in 2022 and over 213% in the last 12 months.

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01-05-2024 10:45:17 (UTC+7)

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AUD/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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