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Buffett sells PetroChina shares | Buffett sells PetroChina shares |
(5 days later) | |
Warren Buffett's investment company Berkshire Hathaway has made a $3.5bn (£1.7bn) profit though the sale of its shares in Chinese oil firm PetroChina. | Warren Buffett's investment company Berkshire Hathaway has made a $3.5bn (£1.7bn) profit though the sale of its shares in Chinese oil firm PetroChina. |
He told Fox Business Network the sale was based solely on price, rebuffing suggestions it was related to criticism of PetroChina's links with Sudan. | |
Earlier this year some shareholders had urged Berkshire to sell its PetroChina stake because of the Sudan issue. | Earlier this year some shareholders had urged Berkshire to sell its PetroChina stake because of the Sudan issue. |
Berkshire bought 11% of PetroChina's public shares in 2006 for $500m. | Berkshire bought 11% of PetroChina's public shares in 2006 for $500m. |
'Sage of Omaha' | 'Sage of Omaha' |
In May, at Berkshire's annual general meeting rebel shareholders argued that PetroChina - through its government-owned parent China National Petroleum - was too closely linked with the Sudanese government. | In May, at Berkshire's annual general meeting rebel shareholders argued that PetroChina - through its government-owned parent China National Petroleum - was too closely linked with the Sudanese government. |
Sudan's government continues to be criticised by Western governments for atrocities in the troubled Darfur region. | Sudan's government continues to be criticised by Western governments for atrocities in the troubled Darfur region. |
The rebel proposal to sell the PetroChina stake, which Mr Buffett opposed, was successfully defeated. | The rebel proposal to sell the PetroChina stake, which Mr Buffett opposed, was successfully defeated. |
at the time, Mr Buffett said that while conditions in Darfur were deplorable, selling the PetroChina investment would not improve them. | at the time, Mr Buffett said that while conditions in Darfur were deplorable, selling the PetroChina investment would not improve them. |
Separately, the 67-year-old denied this week that he was interested in buying troubled US lender Bear Stearns. | Separately, the 67-year-old denied this week that he was interested in buying troubled US lender Bear Stearns. |
The bank has been badly hit by bad investments in the US sub-prime mortgage sector, which has seen record loan defaults this year. | The bank has been badly hit by bad investments in the US sub-prime mortgage sector, which has seen record loan defaults this year. |
Nicknamed the "sage of Omaha" because of his success with investments, Mr Buffett is worth an estimated $52.4bn. | Nicknamed the "sage of Omaha" because of his success with investments, Mr Buffett is worth an estimated $52.4bn. |
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