Berkshire Hathaway Inc, the conglomerate controlled by billionaire Warren Buffett, has increased its stake in Occidental Petroleum Corp to 24.4%. The conglomerate paid about $201 million for 3.46 million Occidental shares between May 16 and 18. Berkshire has also acquired Occidental’s preferred stock and warrants, and has been buying common shares since early last year. At Berkshire’s annual shareholder meeting on May 6, Buffett praised Occidental CEO Vicki Hollub and tried to end speculation that Berkshire might buy Occidental. Berkshire owns dozens of businesses, including Geico car insurance and many retail and manufacturing companies, as well as stocks such as Apple Inc.
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