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Seattle - Warren Buffett’s Berkshire Hathaway trimmed its investments in Goldman Sachs and Wal-Mart as the billionaire freed up cash ahead of the completion of one of his largest acquisitions.
Berkshire had about 11 million shares of Goldman Sachs as of September 30, compared with 12.6 million three months earlier, according to a filing on Monday disclosing holdings as of the end of the third quarter. The stake in Wal-Mart dropped to 56.2 million shares from 60.4 million.
Buffett agreed in August to buy aerospace-equipment maker Precision Castparts for more than $30bn. Standard & Poor’s is reviewing whether to cut Berkshire’s credit rating amid an examination of how Buffett will finance the transaction, which the companies expect to be completed next year. The billionaire told CNBC that he sold some stocks to help pay for the deal, according to a Twitter post from the business news station.
