Billionaire investor Warren Buffett said in an interview this week that Berkshire Hathaway Inc. (NYSE: BRK.A) is adding to its shareholdings of two companies amid the market dip. Buffett also forecast record results for Berkshire’s largest non-insurance businesses.
Speaking to CNBC, Buffett said that BRK.A spent $60 million buying stocks last week amid the market dip. He, however, did not disclose the stocks.
Buffett dismissed the dip in European stocks following the weekend’s election results in France and Greece. Commenting on the euro zone crisis, which has now lasted for more than two years, Buffett noted that it is going to be very difficult to resolve their problems. But he expects the crisis to be solved eventually.
Buffett also maintained his support for Wal-Mart Stores Inc. (NYSE: WMT) during the CNBC interview. WMT has come under the scanner over bribe payments in Mexico. Buffett, who is Wal-Mart’s fifth largest shareholder, said that the scandal did not change his opinion of the stock.
Over the weekend, Berkshire Hathaway also held its annual shareholder meeting in Omaha. During the meeting, Buffett disclosed that he very nearly made an acquisition of over $22 billion recently. As expected, Buffett’s health was the main topic of discussion during the meeting. Buffett, who was recently diagnosed with early-stage prostate cancer, assured shareholders he is in good health.
Meanwhile, Berkshire Hathaway has joined Coty Inc. in a bid for Avon Products Inc. (NYSE: AVP). Earlier today, Coty raised its bid for AVP and said that Buffett’s Berkshire Hathaway has joined the bidding group.
BRK.A will provide equity financing for the bid along side Jon A. Benckiser, who is Coty’s principal shareholder and others.
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