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Warren Buffett looks to Japan, takes 5% stakes in five trading companies

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Warren Buffett's Berkshire Hathaway said on Sunday it has acquired more than 5 per cent stakes in each of the five leading Japanese trading ...

REUTERS: Berkshire Hathaway said it has acquired slightly more than 5per cent of the shares in five large Japanese companies, marking a departure for Chairman Warren Buffett as he looks outside the United States to bolster his conglomerate.

"I am delighted to have Berkshire Hathaway participate in the future of Japan," Buffett said in a statement."The five major trading companies have many joint ventures throughout the world and are likely to have more.... I hope that in the future there may be opportunities of mutual benefit." Many of Berkshire's own operating businesses have struggled, and Berkshire this month took a US$9.8 billion writedown on its Precision Castparts aircraft parts business.Berkshire owns more than 90 businesses including the BNSF railroad and Geico car insurer outright.

 

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