FERC approves Berkshire request to buy up to 50%

in Occidental

https://seekingalpha.com/news/3875124-ferc-approves-berkshir…

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Yeah this isn’t really as big of a deal as the mo-mo traders are making it out to be. Berkshire previously had FERC approval to own up to 25% of OXY and they are currently just over 20%. This order just approves them to go up to 50% in open market transactions. I can’t link the document but I posted the PDF on the corner of Brk and Fairfax message board if you are a member there.

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I saw that there, yes, thank you.

I do believe it means something, else why seek the approval?

what, I dunno.

<<I do believe it means something, else why seek the approval?>>

A couple of years ago Berkshire received permission from the
Federal Reserve Bank of Richmond to take its Bank of America
position up to 24.9% and so far nothing has happened.

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Good to know, thanks.

Seems like a bluff in poker. You do it this time (even if not going to follow through) so that others can’t predict your actions next time you do it.

SA

Seems like a bluff in poker. You do it this time (even if not going to follow through) so that others can’t predict your actions next time you do it.

I wonder. I forget the details; maybe it was GEICO, maybe it was BNSF, …, where the target company was buying a lot of its stock back and Berkshire was not selling its stock, so there was the risk that Berkshire would end up with over 50%, so they applied for permission to go over 50%.

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I wonder. I forget the details; maybe it was GEICO, maybe it was BNSF, …, where the target company was buying a lot of its stock back and Berkshire was not selling its stock, so there was the risk that Berkshire would end up with over 50%, so they applied for permission to go over 50%.

It was GEICO. Berkshire ended up owning 51% of GEICO before offering to purchase the other 49% at $70/share.

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As I recall, WEB described the initial purchased 33% position became 50% thru GEICO buybacks over those 20 years prior to the buyout. Seems pretty small each year but a 50% increase in ownership over time not lifting a finger. Our AXP ownership has also grown nicely as well from 11.8% in 2003 to over 20% now via buybacks alone.

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26.8%

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Sorry, probably includes warrants.

Excellent! WEB’s in that rare Mode- Just Can’t Get Enough. Fun to see although I wish we could accumulate more quietly.

There was no increase in the oxy position. More misreporting by financial journalists who don’t read the filings themselves