The approval of Warren Buffett’s purchase of up to 50% of Occidental Petroleum will increase the stock

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Last Updated on August 21, 2022 by Bitfinsider

Friday saw regulatory permission for Warren Buffett’s Berkshire Hathaway to acquire up to 50% of Occidental Petroleum.

Occidental’s shares increased 10% on the news to settle at $71.29 per share, bringing their returns through 2022 to more than 145%.

The Federal Energy Regulatory Commission received a request from Berkshire on July 11 to purchase additional shares of the oil company’s common stock through secondary market transactions. A maximum 50% stake, according to the conglomerate, wouldn’t harm competition or reduce regulatory authority.

On Friday, Carlos Clay, the division of electric power regulation’s interim director, gave approval, stating that it was “compatible with the public interest.”

This year, the company has already significantly boosted its investment in Occidental. Occidental is now held by Berkshire to the tune of 188.5 million shares, or 20.2% of the company. As a result, Berkshire might now record some of the oil company’s profits alongside its own, potentially generating billions of dollars in additional profit.

In addition, Berkshire holds warrants to purchase an additional 83.9 million common shares for $5 billion, or $59.62 per share, and owns $10 billion of Occidental preferred stock. The company acquired the warrants as part of the 2019 agreement that assisted in financing Occidental’s acquisition of Anadarko. If Berkshire executes those warrants, the stake will increase to around 27%.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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