Salem Radio Network News Sunday, September 25, 2022

Business

U.S. regulator says Berkshire Hathaway can buy up to 50% of Occidental stock

(Reuters) – A U.S. regulator has authorized Berkshire Hathaway Inc, the company controlled by billionaire Warren Buffett, to buy up to 50% of the common stock of oil company Occidental Petroleum Corp in the secondary market.

In an order made public on Friday, the Federal Energy Regulatory Commission said that authorization was “consistent with the public interest,” and subject to various conditions.

Berkshire disclosed earlier this month it had accumulated a 20.2% stake in Occidental.

(Reporting by Jonathan Stempel in New York; Editing by Chris Reese)

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