Berkshire Hathaway won the approval of a US energy regulator on Friday to buy up to 50 per cent in Occidental Petroleum, giving Warren Buffett’s company the option to vastly increase its stake in one of the US oil industry’s most storied producers.
The Federal Energy Regulatory Commission said Berkshire’s proposal to increase its stake in the $60bn oil company, filed last month, was “consistent with the public interest”. Berkshire had requested “authorisation to acquire up to 50 per cent” of Occidental, Ferc said.
The regulator weighed in on the application because of its potential effects on Midwestern electricity markets. Occidental’s shares jumped 9.9 per cent to $71.29 after the Ferc filing.
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