Berkshire Buys Office Depot Shares
OMAHA, Neb. (AP) _ Billionaire investor Warren Buffett’s holding company bought 5 million shares of Office Depot stock in its first quarter, according to a filing Tuesday with the Securities and Exchange Commission.
Shares of Office Depot jumped nearly 9 percent, or $1.08, to close at $13.29 on the New York Stock Exchange. Berkshire shares fell $400 to $69,100 per share, also on the NYSE.
Berkshire Hathaway Inc.’s stake in the office supply retail chain was valued at $43.8 million on March 31, the end of the first quarter. Value in Berkshire’s stake rose to $51.9 million by June 30.
Spokeswomen for both Office Depot Inc., based in Delray Beach, Fla., and Berkshire Hathaway declined to comment on the purchase.
Filings show the Omaha-based Berkshire Hathaway also bought 2.25 million shares of Honeywell International Inc., a technology and manufacturing company based in Minneapolis. That purchase, worth $78.5 million, was made during Berkshire’s second quarter ending June 30.
The purchase came amid a protracted fight with European antitrust regulators who killed a deal for Honeywell to be acquired by General Electric on July 3.
On the Net:
Berkshire Hathaway Inc.: http://berkshirehathaway.com
Office Depot Inc.: http://www.officedepot.com
Honeywell International: http://www.honeywell.com