Buffett says has sold entire PetroChina stake
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Thu, 18 Oct 2007 20:31:03 GMT |
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NEW YORK (Reuters) - Warren Buffett said on Thursday his Berkshire Hathaway Inc insurance and investment company has sold its entire stake in PetroChina Co Ltd <0857.HK>, whose parent has been criticized for ties to Sudan.In an interview on Fox Business Network, Buffett said, "we sold based on price," adding that "it was 100 percent a decision based on valuation." He also said he probably sold too soon because the shares have risen since the sales began.Critics have said PetroChina, through its government-owned parent China National Petroleum Corp., is too closely linked to Sudan. The Sudanese government has been blamed for what the White House has called genocide in the Darfur region.Shareholders at Omaha, Nebraska-based Berkshire's annual meeting in May overwhelmingly defeated a proposal calling on Berkshire to divest its PetroChina stake, worth more than $3 billion. Buffett had opposed the proposal.(Reporting by Jonathan Stempel)
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