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Buffet & Co. buy 10million shares of GM - Detroit Free Press
Investor Warren Buffett buys 10 million shares of GM - Detroit Free Press
5:34 PM, May 15, 2012
Legendary investor Warren Buffett’s Berkshire Hathaway disclosed today that it had acquired 10 million shares of General Motors’ common stock.
Berkshire Hathaway purchased 10 million shares for a total investment of $256.6 million. Those shares were worth $214.2 million when the market closed today.
It was not immediately clear whether Buffett himself was involved in the investment, or whether it was made by one of his associates...
...“It confirms the investment thesis that we’ve had on GM,” Morningstar analyst Richard Hilgert said. “We definitely see some value there, just as Mr. Buffett does, and hopefully this will draw a little more attention to the stock from investors.”
GM's stock, which fell less than 1% today to close at $21.42, rose nearly 4% in after-hours trading...
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