Shares of Buffett's Berkshire Get Lift from Coke's Rally

Tuesday, 16 Apr 2013 04:10 PM

 

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Shares of Warren Buffett’s Berkshire Hathaway Inc., the largest investor in Coca-Cola Co., gained the most since February in New York trading on gains in the value of its stake in the soft-drink maker.

Berkshire rallied $4,200, or 2.6 percent, to $161,021, according to preliminary closing figures Tuesday. Atlanta-based Coca-Cola surged 5.7 percent after posting first-quarter profit that beat analysts’ estimates and announcing a deal to sell some bottling distribution rights in North America.

Buffett’s firm has 400 million Coca-Cola shares, making it one of the four largest holdings at Omaha, Nebraska-based Berkshire, along with investments in Wells Fargo & Co., American Express Co., and International Business Machines Corp. Berkshire’s stakes in the companies may increase in the future as the firms buy back shares, Buffett said in a letter to investors last month.

“The four companies possess marvelous businesses and are run by managers who are both talented and shareholder-oriented,” Buffett said in the letter. “Too much of good thing can be wonderful.”

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