Buffett buys big stake in Kraft

Billionaire investor adds the food company and drugmaker GlaxoSmithKline to his portfolio.

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February 14 2008: 10:42 PM EST

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NEW YORK (CNNMoney.com) -- Warren Buffett's investment group, Berkshire Hathaway, bought more than 132 million shares of food company Kraft, according to a document filed with the Securities and Exchange Commission Thursday.

Billionaire Buffett, whose nickname is the "Oracle of Omaha," is one of the world's most well-known investors.

Thursday's required fourth-quarter report of Berkshire's holdings also lists the addition of 1.5 million shares of European drugmaker GlaxoSmithKline.

Speculation circulated in the middle of last year that Berkshire Hathaway (BRK.A) would buy a stake in Kraft.

Shares of Kraft Foods (KFT) grew 0.77 cents, or 2.63%, to $30.08 in after-hours trading. U.S.-traded shares of GlaxoSmithKline (GSK) rose 0.85 cents, or 1.96% to $44.17.

Earlier this week, Buffett shocked the markets by offering to reinsure about $800 billion of tax-exempt or municipal bond obligations of bond insurers MBIA (MBI), Ambac (ABK) and FGIC. To top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2013. All rights reserved. Most stock quote data provided by BATS.
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