Berkshire buys back $1.2 bln in stock

Berkshire Hathaway Inc. /quotes/zigman/219651/quotes/nls/brk.a BRK.A +2.64% /quotes/zigman/583979/quotes/nls/brk.b BRK.B +2.61% said Wednesday it bought 9,200 of its Class A shares for $131,000 per share from the estate of a long-time shareholder, whom the Omaha, Neb., holding company did not name. Berkshire's Class A shares and Class B shares both rose about 1.7% on the heels of the announcement, after trading was halted on the New York Stock Exchange. Berkshire Hathaway, which is controlled by billionaire Warren Buffett, said the company's board of directors authorized the purchase "coincident with raising the price limit for repurchases to 120% of book value." Berkshire said it may buy additional shares in the market or through direct offerings at no more than 120% of book value.

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- Posted: 2012-12-12 14:51:13

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