Warren Buffett said at Berkshire Hathaway's annual shareholders meeting in Omaha that his company will maintain its investments in five major Japanese traders for the long term, expressing confidence in these firms, according to Japan Times on May 4.
Berkshire's vice chair, Greg Abel, indicated the company's long-term outlook, suggesting they might hold the shares indefinitely and anticipating continued cooperation with the traders, added the report.
At the meeting, Buffett also announced his plan to retire as Berkshire CEO by year-end and proposed Greg Abel as his successor to the board. Berkshire Hathaway initially acquired shares in Mitsubishi, Mitsui & Co., Sumitomo, Marubeni, and Itochu in 2019, the report said.
The group has since increased its stakes, now holding over 9% of Mitsubishi, Mitsui, Sumitomo, and Marubeni, and over 8% of Itochu, it added.
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