Buffett sells entire PetroChina stake
From the Financial Times:
By Richard McGregor in Beijing
Published: October 19 2007 04:55 | Last updated: October 19 2007 11:20
Warren Buffett has sold the last of his shares in PetroChina, the Chinese state-owned oil company, but brushed aside suggestions that the sale was in response to a disinvestment campaign over its parent company’s ties to Sudan.
In an interview with Fox Business Network, Mr Buffett said the sale was “based on price”, while admitting that he may have sold a little too early because of recent strong gains in PetroChina’s share price.
He said the stock price had more than doubled in the US since a shareholder meeting earlier this year voted down a proposal for Mr Buffett’s Berkshire Hathaway insurance and investment company to divest from the stock.
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