Buffett's Berkshire Hathaway completes $1.2bn buyback

Warren Buffett's investment group Berkshire Hathaway has completed a $1.2bn share buyback after snapping up the shares of an unnamed long-term shareholder.

The purchase was made at $131,000 a share, or 117% of book value. Berkshire said it bought 9,200 Class A shares from "the estate of a long-time shareholder". The shares represent 1% of Berkshire's Class A stock. Billionaire Buffett has long been averse to conducting share buybacks but agreed to do so last year after shares in Berkshire fell sharply. Since then shares have climbed off the 2011 low of around $100,000 per share, rising over 30%. The Class A shares climbed sharply yesterday on news of the buyback, gaining 2.8% to close at $134,500. The buyback is the first for at le...