Buffett to dump oil shares
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Aug 19 2005 09:19:50:670AM
Hong Kong - Billionaire investor Warren Buffett believes crude oil prices have peaked and he is considering selling his two billion shares in PetroChina, China's biggest oil company, a report said on Friday.
"There is talk that he is considering selling his stake because of his view that crude oil prices may have already peaked, and that PetroChina's shares might continue to come under pressure in the coming days and weeks," a market source told XFN-Asia.
The source said Buffett is said to be considering two options. One is the sale of shares at a discount of 2% without any lock-up period and the second being a sale at a 10% discount.
"He stands to make a killing from this purported share sale because he is said to have bought those shares at only HK$1.90 (US24c) each which is very cheap compared with its current price," the source said.
At mid-afternoon on Friday, PetroChina shares fell $0.30 or 4.54% at $6.30.
Aug 19 2005 09:19:50:670AM
Hong Kong - Billionaire investor Warren Buffett believes crude oil prices have peaked and he is considering selling his two billion shares in PetroChina, China's biggest oil company, a report said on Friday.
"There is talk that he is considering selling his stake because of his view that crude oil prices may have already peaked, and that PetroChina's shares might continue to come under pressure in the coming days and weeks," a market source told XFN-Asia.
The source said Buffett is said to be considering two options. One is the sale of shares at a discount of 2% without any lock-up period and the second being a sale at a 10% discount.
"He stands to make a killing from this purported share sale because he is said to have bought those shares at only HK$1.90 (US24c) each which is very cheap compared with its current price," the source said.
At mid-afternoon on Friday, PetroChina shares fell $0.30 or 4.54% at $6.30.
posted by Marcel at 3:12 AM
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