Berkshire's growing Occidental stake is approaching a key level

Berkshire Hathaway's purchases this week of another 4.3 million shares of Occidental Petroleum for $250 million is bringing Warren Buffett's company close to an ownership stake that would allow it to include some the oil giant's earnings in its own results.

 

With Charlie Munger calling the company a "damn miracle," Berkshire paid around $230 million in 2008 for 225 million shares.

 

That holding is currently valued at around $8.5 billion.

 

This week's selling was sparked by a Bloomberg report that a stake matching Berkshire's in size had appeared the Hong Kong market's clearing system.

 

It noted that "while there are many reasons a stake might appear (there), such moves are often seen by traders as precursors to sales because shares must enter the system before transactions can be settled."

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