Warren Buffett not expected to make bid for control of Occidental – (NYSE:OXY)

Warren Buffett not expected to make bid for control of Occidental – (NYSE:OXY)

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Warren Buffett And BofA CEO Brian Moynihan Speak At Georgetown University

Drew Angerer/Getty Images News

Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) is not expected to make a bid for full control of Occidental Petroleum (NYSE:OXY) even after he received regulatory approval to buy 50% of the driller.

Buffett hasn’t informed Occidental (OXY) of any plans to purchase a controlling stake in the company, according to a WSJ report, which cited people close to the matter.

Buffett is also unlikely to try to gain full control of the company at current prices as he typical is known as a value hunter, the WSJ said. Occidental (OXY) is said to believe Buffett may consider making a bid for the entire driller if oil prices fall and OXY stock drops subsequently.

On Friday Occidental (OXY) stock popped 9.9% after the Federal Energy Regulatory Commission approved a request from Berkshire Hathaway (BRK.A) (BRK.B) to accumulate as much as a 50% stake in the oil producer.

Earlier this month, Berkshire (BRK.A) (BRK.B) disclosed it bought 6.68M more common shares of Occidental, bringing its stake in the energy company to 20.2%.

Also see, Could Warren Buffett really buy Occidental Petroleum?

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