Posco share price drops on sell-off of en­tire stake by War­ren Buf­fet

The China Post - - WORLD BUSINESS -

South Korea’s largest steel­maker Posco saw its share price slump on Wed­nes­day fol­low­ing a me­dia re­port that War­ren Buf­fet’s Berk­shire Hathaway Inc. had sold its en­tire stake in the com­pany.

Posco shares closed the day down 2.7 per­cent at 238,000 won (US$216) — the low­est level since 2006 — ex­tend­ing its slide for the year to 14 per­cent.

The sell-off was trig­gered by a re­port in the Maeil news­pa­per that Berk­shire Hathaway had sold its es­ti­mated 4.5-5.0 per­cent stake in Posco in the sec­ond quar­ter of last year.

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