No. of Recommendations: 9
DAVOS, Switzerland— Warren Buffett’s Berkshire Hathaway has been building its stake in the five largest Japanese general trading companies since disclosing an increase in ownership last summer, the CEO of Sumitomo , one of those companies, told Barron’s on Monday.
Berkshire Hathaway first announced a 5% passive stake in the five largest Japanese general trading companies in August 2020, before revealing last June that it had increased its interest to an average of more than 8.5% across the group of firms.
At the time, Berkshire Hathaway said it may increase its holdings depending on price, but that Buffett had pledged that it would not purchase more than 9.9% of any of the five companies before seeking approval from the respective boards.
That time may soon be coming, according to Masayuki Hyodo, the CEO of Sumitomo Corporation, one of the five general trading companies in which Berkshire has invested. Those investments represent its only public holdings in Japan.
“Through the information I have, it is increasing—not only Sumitomo, but all five trading companies. His share is increasing every day,” Hyodo told Barron’s in an interview on the sidelines of the World Economic Forum late Monday.
https://archive.md/Ov3pU 