Berkshire to Keep Japanese Trader Shares after Buffet's Exit

New York, Dec. 27 (Jiji Press)--U.S. investment company Berkshire Hathaway Inc. plans to keep its shares in five major Japanese trading houses over the long term, even after the exit of CEO Warren Buffett on Wednesday.

The five are Mitsubishi Corp., Mitsui & Co., Sumitomo Corp., Marubeni Corp. and Itochu Corp.

Buffett, a prominent investor, has hailed the traders' strategies of running a wide range of operations, including food and energy, describing them as highly diversified.

Greg Abel, involved in the investment in the five companies as Berkshire's vice chairman, will maintain Buffett's long-term investment policy for the traders after taking over the post of chief executive.

In 2020, Berkshire announced its acquisitions of shares in the five traders. It has since bought additional shares gradually, boosting its stakes to over 10 pct for Mitsubishi and Mitsui, over 9 pct for Sumitomo and Marubeni, and over 8 pct for Itochu.

[Copyright The Jiji Press, Ltd.]