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Warren Buffett’s Berkshire Hathaway buys major stake in HP, shares soar 14.75%

HP shares posted nearly 14.75 per cent gains on the news about Warren Buffett’s Berkshire Hathaway Inc. buying a major stake in the company.

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HP listed on NYSE closed at $40.06 on Thursday and is now up by almost 23 per cent over the last 12-months.

HP Inc. (HPQ) shares posted nearly 14.75 per cent gains on the news about Warren Buffett’s Berkshire Hathaway Inc. investing more than $4.2 billion in the company.

Shares of HP were purchased in multiple transactions at prices ranging from $35.7400 to $36.6775. HP (HPQ) listed on NYSE closed at $40.06 on Thursday and is now up by almost 23 per cent over the last 12-months.

Bloomberg reports that Berkshire Hathaway now holds about 121 million shares of HP.

After the recent deal, HP is now Berkshire’s second-biggest tech holding behind Apple. Reportedly, Berkshire owns shares in the iPhone maker worth over $150 billion.

The disclosures in the regulatory filing shows the shares of the issuer’s common stock are held by Berkshire Hathaway Inc. indirectly through the following Berkshire subsidiaries:

AmGUARD Insurance Company (437,700),
Berkshire Hathaway Homestate Insurance Company (5,850,000),
Berkshire Hathaway Specialty Insurance Company (9,738,500),
Columbia Insurance Company (26,843,350),
Government Employees Insurance Company (9,743,500),
GEICO Advantage Insurance Company (6,011,600),
General Reinsurance Corporation (5,203,618),
MLMIC Insurance Company (2,111,800),
National Indemnity Company (10,108,185) amongst others.

Warren E. Buffett, as the controlling stockholder of Berkshire, may be deemed presently to beneficially own, but only to the extent he has a pecuniary interest in, the shares presently owned by each of these subsidiaries.

The Filing states that Buffett disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. In addition, in order to avoid double counting, all shares reported as being owned by each subsidiary listed only reflect shares that are owned directly by such subsidiary, and do not reflect any shares that such subsidiary may be deemed to beneficially own by virtue of ownership or control of any other subsidiary otherwise reported by the company. 

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