Occidental Petroleum Corp (NYSE: OXY) shares dropped in premarket trading, reacting to Warren Buffett's comment about no plans to take complete control.
The stock recovered its losses.
"There's speculation about us buying control, we're not going to buy control. We wouldn't know what to do with it," commented Buffett at Berkshire Hathaway Inc (NYSE: BRK-A) annual shareholder meeting, reported CNBC.
According to Bloomberg, Buffett's firm is Occidental's largest stakeholder, with a 24% stake, and also obtained approval from U.S. regulators last year to acquire up to 50% of the firm, raising further speculation that Berkshire will pursue complete control.
Price Action: OXY shares are trading higher by 0.18% at $60.80 premarket on the last check Monday. BRK-B shares are trading higher by 1.40% at $323.88.
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This article Warren Buffett's Berkshire Hathaway Has No Intentions To Take Control Of Occidental Petroleum: Report originally appeared on Benzinga.com
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