PetroChina stake sale was based on valuation
Warren Buffett said on Thursday his Berkshire Hathaway Inc insurance and investment company has sold its entire stake in PetroChina, whose parent has been criticised for ties to Sudan.
By Agencies |
NEW YORK: Warren Buffett said on Thursday his Berkshire Hathaway Inc insurance and investment company has sold its entire stake in PetroChina, whose parent has been criticised for ties to Sudan.
In an interview on Fox Business Network, Buffett said, “we sold based on price,” adding that “it was 100% a decision based on valuation.”
He also said he probably sold too soon because shares of PetroChina have risen since the sales began. Berkshire once owned more than 11% of the Chinese oil company’s publicly floated shares. The shares were worth $3.31 billion at the end of 2006, well above the $488 million that Berkshire paid for them, according to Berkshire’s latest annual report.
In an interview on Fox Business Network, Buffett said, “we sold based on price,” adding that “it was 100% a decision based on valuation.”
He also said he probably sold too soon because shares of PetroChina have risen since the sales began. Berkshire once owned more than 11% of the Chinese oil company’s publicly floated shares. The shares were worth $3.31 billion at the end of 2006, well above the $488 million that Berkshire paid for them, according to Berkshire’s latest annual report.
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