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Strategies & Market Trends : Greater China Stocks
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To: Condor who wrote (375)4/24/2003 10:12:07 PM
From: Julius Wong  Read Replies (1) of 8334
 
Buffett's Berkshire Hathaway Raises PetroChina Stake

Hong Kong, April 24 (Bloomberg) -- Warren Buffett's Berkshire Hathaway Inc. increased its stake in PetroChina Co.'s publicly traded stock to 7.2 percent, making it the No. 3 investor in China's largest oil producer, the Beijing-based company said.

Berkshire Hathaway bought 80.5 million shares in the government-controlled company on April 9, boosting its holding to 1.26 billion shares, PetroChina said in a filing to the Hong Kong Stock Exchange. At a median stock price of HK$1.66 on April 9, Berkshire Hathaway spent an estimated $17 million for the shares.

Buffett's investment in PetroChina, which controls two-thirds of the country's crude oil reserves, came a month after he told Berkshire shareholders U.S. stocks were too expensive to buy. The investment is a change from Buffett's focus on U.S. and European companies, investors said.

quote.bloomberg.com
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