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Investing.com-- Berkshire Hathaway (NYSE:BRKa) increased its stake in Mitsubishi Corp. (TYO:8058) to more than 10%, the Japanese trading house said on Thursday, spurring gains in the stock and its peers.
Mitsubishi said in a filing to Tokyo Stock Exchange that National Indemnity Company, a unit of Berkshire, had hiked its stake in Mitsubishi to 10.23% from 9.74%.
Berkshire CEO and billionaire investor Warren Buffett has repeatedly praised Japan’s “sogo shosha,” or big five trading houses, and holds stakes in all five companies.
Along with Mitsubishi, Berkshire has stakes in Itochu Corp. (TYO:8001), Marubeni Corp. (TYO:8002), Mitsui & Co., Ltd. (TYO:8031), and Sumitomo Corp. (TYO:8053).
Mitsubishi Corp shares pared all of their intraday losses to trade 2.5% higher on Thursday. The other four advanced between 1.5% and 3.5%, helping the Nikkei 225 index rise 0.6%.
Buffett had signaled in May that he intended to hold said stakes for the long-term, and had in late-2024 reached agreements with the five allowing him to raise his stakes in the group beyond 10% of ownership.
Buffett has favorably compared the five to Berkshire itself, in that the group invests across a diverse array of domestic and international sectors.
Apart from Mitsubishi, Berkshire has currently disclosed stakes ranging from 8% to 9.5% in the sogo shosha.