Berkshire CEO-designate Abel sells stake in energy company he led for $870 million
Berkshire Hathaway Inc BRK-B-N said on Saturday that Vice Chairman Greg Abel, who is next in line to succeed billionaire Warren Buffett as chief executive, sold his 1-per-cent stake in the company’s Berkshire Hathaway Energy unit for $870 million.
In its quarterly report, Berkshire said the energy unit bought out Abel in June under an agreement among them and the family of the late billionaire philanthropist Walter Scott, which owns an 8% stake.
Buffett’s Omaha, Nebraska-based conglomerate took a $362 million charge to capital, reflecting the premium over how much the stake’s value was reflected on its books.
Berkshire now owns 92% of Berkshire Hathaway Energy, whose businesses include energy, …
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