Buffett firm boosts GM stake to 25 million shares

February 14, 2013
Buffett firm boosts GM stake to 25 million shares
Out with the federal government, in with Warren Buffett.
The billionaire Buffett’s investment arm, Berkshire Hathaway Inc., has acquired 10 million more shares of General Motors Co., boosting its stake to 25 million shares as the U.S. Treasury slowly sells of its stake in the company.
The investment in the Detroit automaker was disclosed in a Securities and Exchange Commission filing Thursday.
GM’s stock fell 3.2 percent, or 92 cents, on Thursday following the automaker’s fourth-quarter and year-end financial results. Shares were up 0.36 percent, or 10 cents, in aftermarket trading.
The Berkshire-owned shares are worth about $694 million based on Thursday’s closing stock price.
GM Chairman and CEO Dan Akerson in the past has called Buffett a “wise investor” with a “track record to prove it.”
Berkshire Hathaway last raised its stake in GM during the third quarter of 2012, when it acquired 5 million shares. Previous to that, Berkshire bough 10 million shares of the automaker early in 2012.
The move coincides with the U.S. Treasury’s decision in December to sell 200 million of its 500 million share stake in GM for $5.5 billion. The Treasury now owns about 19 percent of the Detroit automaker and the Treasury needs to average about $70 a share on its remaining stake to break even.
khenkel@detroitnews.com

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