(Bloomberg) — Shares in Occidental Petroleum Corp. dropped in premarket trading after Warren Buffett said Berkshire Hathaway Inc. won’t make an offer for full control of the energy group, tempering speculation he was seeking to own the company after spending months snapping up its shares.
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The stock fell as much as 3.4% in early trading before paring losses to 1.5% by 4:11 a.m. in New York. Its shares have dropped 3.7% this year through Friday’s close amid a slump in commodity prices.
Berkshire didn’t rule out buying more stock of the Houston-based firm, adding it may or may not seek further purchases. Buffet’s firm is Occidental’s largest shareholder, owning a 24% stake, according to data compiled by Bloomberg, and won approval from US regulators last year to acquire as much as 50% of the firm, prompting further speculation Berkshire would seek full control.
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Source: https://finance.yahoo.com/news/occidental-drops-buffett-said-not-082957479.html