Warren Buffett's Berkshire buys stake worth $3.45 bn in Exxon Mobil
19 November 2013
Warren Buffett's investment arm Berkshire Hathaway Inc has bought additional stake worth $3.45 billion in US oil giant Exxon Mobil Corp.
While filing its third quarter portfolio update in September with the Securities and Exchange Commission, Berkshire Hathaway revealed that it has bought 40.1 million Exxon Mobil shares at between $86.42 and $95.2, averaging around $90.22 per share.
The investment is worth $3.45 billion at 15 November closing price of Exxon Mobil, which has a market cap of $407.23 billion.
While Berkshire Hathaway raised its stake in Exxon Mobil, it reduced its holding in another US oil company, ConocoPhillips.
Berkshire Hathaway reduced its stake in ConocoPhillips by 43.92 per cent, but still holds 13,529,270 shares in the Houston-based company, which has a market cap of $90.27 billion.
Berkshire Hathaway also reduced its stake in British drug giant GlaxoSmithKline by 76.57 per cent, from 1.5 billion to 345,819 shares, and from 4.1 million to 3.9 million shares in French pharmaceutical group Sanofi.
The filing revealed that Berkshire Hathaway holds substantial stake in Coca Cola, IBM, Wells Fargo, American Express and Procter & Gamble.
Berkshire Hathaway, which has subsidiaries in insurance, utilities, railroads, retail and manufacturing, hold stakes worth $92 billion in 43 companies.