January 21, 2010 / 11:23 AM / 10 years ago

Buffett: I am not buying more Posco shares

Financial heavyweight Warren Buffett is seen in this May 21, 2003 file photograph. REUTERS/Anthony P. Bolante/FILE

NEW YORK (Reuters) - Warren Buffett said his Berkshire Hathaway Inc is not buying more shares of South Korea’s Posco, ending speculation that he planned to increase Berkshire’s estimated 4.5 percent stake in the world’s fourth-largest steelmaker.

Earlier this week, Posco in a statement said that during a Monday visit by Chief Executive Chung Joon-yang to Berkshire’s offices in Omaha, Nebraska, Buffett said he wanted to own more Posco shares after failing to buy them on dips last year, when the financial crisis depressed equity asset values.

Posco shares rose following the company’s statement, but Buffett said on Wednesday his comments may have been misinterpreted in the market.

“I think I have to brush up on my Korean a little bit,” the billionaire jokingly told CNBC television. “I said that I like the company a lot, and I said I wished I bought more when it was a lot cheaper within the past year ... It’s a wonderful company, but I don’t have plans to buy more.”

Buffett is the world’s second-richest person, and arguably its most admired investor. Many investors try to follow his moves, and shares often rise when Berkshire reveals new investments or is rumored to be making such investments.

Posco shares closed Wednesday up 3 percent at 622,000 won, Reuters data showed. They closed last week at 592,000, the data show.

(Reporting by Jonathan Stempel, editing by Matthew Lewis)

For more news on Reuters Money visit http://www.reutersmoney.in

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below