Business

Warren Buffett’s Berkshire Hathaway increases its stake in Occidental Petroleum

Warren Buffett’s Berkshire Hathaway increase its stake in Mysterious Oil up 26.8% after receiving go ahead last month from US regulators to buy as much as half of the oil giant.

New ownership, reported late Friday in a federal filing, was up from 20.2 percent on Aug. 8, according to data compiled by Bloomberg.

Berkshire has spent the year expanding its ownership in Occidental after making its first bet on the Houston-based oil company three years ago. In approving Berkshire’s request on August 19, the Federal Energy Regulatory Commission said the proposed stock purchase would be in the public interest.

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