Buffett buys big stake in Kraft

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

Subscribe to Companies
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

Buffett bail-out
Billionaire investor Warren Buffett offers to prop up troubled bond insurers with $800B in reinsurance.

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

Photo Galleries
10 big dot-com flops Remember Pets.com? The Nasdaq is roaring back towards its all-time high. Here are some of the biggest dot-com busts from the last time the Nasdaq topped 5,000. More
The hottest gadgets at Mobile World Congress 2015 Take a look at the devices creating a stir at the world's biggest mobile tech show. More
Star Trek technology that we use today With the death of Leonard Nimoy, the actor who played Star Trek's Spock, we remember his character's legacy: The technology we use every day. More
Sponsors