(BRK.A), Apple Inc. (NASDAQ: AAPL) – Berkshire from Warren Buffett buys 5% each of Japan’s 5 largest “Sogo Shosha”
Warren Buffett directed Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) announced Sunday night that it has bought passive stakes in five of Japan’s largest trading companies.
What happened: The trading companies, called “Sogo Shosha” in Japan, include Itochu Company (OTC: ITOCY), Marubéni Company (OTC: MARUY), Mitsubishi corporation (OTC: MSBHY), Mitsui & Co. Ltd. (OTC: MITSY), and Sumitomo Corp. (OTC: SSUMF).
Berkshire said it has acquired a 5% stake in each of the five companies. The Omaha-based company has pledged that while it intends to hold these investments for the long term, it will not hold a greater than 9.99% stake in Sogo Shosha at any time.
“The top five trading companies have many joint ventures around the world and are likely to have more of these partnerships,” Buffett said in a statement.
“I hope that in the future there can be opportunities for mutual benefit.”
Why is this important: According to data compiled by Bloomberg, the investments, made through the subsidiary National Indemnity, are worth more than $ 6 billion.
Price action: Berkshire’s Class A shares closed up 0.5% at $ 327,431 on Friday, and Class B shares closed up 0.77% at $ 218.55.
Photo courtesy: freeimage4life via Flickr
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.