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8/19, 7:43 PM (Source: TeleTrader)
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Berkshire to increase Occidental stake to up to 50%

Berkshire Hathaway Inc. will be increasing its stake in Occidental Petroleum Corp. to up to 50%, as the United States Federal Energy Regulatory Commission (FERC) approved on Friday company CEO Warren Buffett's application.

According to the FERC document, the request by Berkshire "to acquire in secondary market transactions up to 50% of the common stock of Occidental Petroleum Corporation (Occidental)" was made on July 11, 2022.

Earlier in August, an SEC filing showed that Buffett upped his stake in Occidental to over 20%, with the purchase standing at $390 million, and Berkshire holding 188.5 million Occidental shares. Occidental stock jumped 10.48% following the news.

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