Another filing reveals that Warren Buffett's sales from his controversial PetroChina stake are accelerating. Is he going to get rid of all his holdings amid pressure from human rights activists?
Warren Buffett's Berkshire Hathaway holding company has cuts its controversial stake in PetroChina to just under 8%. His motives for selling remain a matter of speculation between making money and making a statement.
Warren Buffett's Berkshire Hathaway has once again trimmed its stake in PetroChina. The sale of 28 million shares for roughly $40 million reduces his stake to 8.93 percent from just over 11 percent earlier this year. The selling comes amid calls by human-rights activists for Buffett to divest from PetroChina due to the government-controlled company's ties with Sudan. Buffett, however, has said he couldn't influence the Chinese if he wanted to and most analysts think he's locking in profits.
We don't know for sure why Warren Buffett's Berkshire Hathaway has been reducing its stake in PetroChina, but he's been selling more shares than you might have thought. One group that's been urging Buffett to divest as a protest against China's "funding of the genocide in Darfur" thinks there's a message in the "steady series" of sales.
Warren Buffett's Berkshire Hathaway has sold some more of its stake in PetroChina. The question is: Is Buffett selling for the profits or to make a statement against China's human-rights record in Darfur?
Just one day after a Wall Street Journal report that Warren Buffett is buying shares of Kraft Foods, we get word today that he's sold a small slice of his stake in PetroChina, the big Chinese oil company. The AP reports there's "no indication whether he was responding to demands by activists to cut his ties to the company due to its investments in Sudan." But the very small size of the sale, about 17 million shares worth just $27 million, would appear to make it a slight adjustment rather than any kind of message.
The Save Darfur Coalition has turned its attention to Berkshire Hathaway and Fidelity Investments in the struggle to end the strife in Sudan -- whose government was accused of committing genocide by the Bush Adminstration and the European Parliament. The coalition's executive director, David Rubenstein, joined "Power Lunch" to tell why investment companies may accomplish more than politicians in the pursuit of justice.