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Buffett buys big stake in KraftBillionaire investor adds the food company and drugmaker GlaxoSmithKline to his portfolio.Video
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. |
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