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Berkshire Hathaway takes new stake in Canada's Suncor Energy

Gasoil News - Published on Mon, 18 Feb 2019

Image Source: Yahoo Finance
Reuters quoted Warren Buffett's Berkshire Hathaway as saying that it had taken a fresh stake in Suncor Energy Inc for the second time in about six years, sending the US-listed shares of the energy major up 4 percent in after-market trading. Suncor, Canada's biggest oil and gas company, is considered one of the safest Canadian energy companies to invest in, given its integrated structure and diversified business mix. Berkshire's investment puts the Buffett stamp on Suncor and could be seen as a positive for the Canadian energy sector. The move comes at a time when global investors have been pulling away from Canada because of its carbon-intensive oil sands and struggle to approve pipelines.

Berkshire said in a filing with the US Securities and Exchange Commission that it has a stake of 10.8 million shares in the company, representing about 0.7 percent of Suncor's total outstanding shares, according to Eikon data from Refinitiv.

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Posted By : Rabi Wangkhem on Mon, 18 Feb 2019
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