Industrial Sector Ideas

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General Electric - >>> Buffett's Berkshire sells entire stake in General Electric



CNBC

Liz Moyer

8-14-17



http://www.msn.com/en-us/money/companies/buffetts-berkshire-sells-entire-stake-in-general-electric/ar-AAq5sn7?li=BBnb7Kz&ocid=mailsignout



Warren Buffett's Berkshire Hathaway sold its stake in General Electric as of the end of June, according to a regulatory filing on Monday.

The conglomerate had previously held 10.6 million shares of the company, according to its regulatory disclosure in May. General Electric announced in June that its CEO, Jeff Immelt, is stepping down later this year, to be succeeded by GE Healthcare's John Flannery.

But Berkshire appears to be keeping its hand in a legacy part of GE. It reported a 17.5 million share stake in Synchrony Financial, the financing arm of GE that was spun out in a 2014 initial public offering. Shares of Synchrony are down 18.3 percent this year.

Berkshire's GE holdings were just 0.12 percent of the outstanding shares.

Buffett struck a deal during the financial crisis to invest $3 billion GE and later converted warrants to common shares in the blue chip company in a deal similar to those he struck with Goldman Sachs and Bank of America

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