Billionaire Warren Buffett's Berkshire Hathaway said it had taken an 11.4% stake valued at about $4.2 billion in HP, which makes personal computers and printers.
Berkshire revealed in a regulatory filing that it owned nearly 121 million HP shares, including 11.1 million purchased this week.Companies' stock prices often rise when Berkshire discloses new stakes, regarded as a stamp of approval from Buffett.
"Berkshire Hathaway is one of the world's most respected investors and we welcome them as an investor," HP said in a statement. The California-based company agreed last month to buy audio and video accessories maker Poly, once known as Plantronics, for $1.7 billion. But in the last month, the Omaha, Nebraska-based conglomerate said it has committed approximately $22 billion to major new investments.
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