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Buffett’s company makes major investment in Delta

November 16, 2016 Business News No Comments Email Email

Berkshire Hathaway has made a substantial new investment in Delta.

Warren Buffett’s company took 6.33 million shares of Delta stock, according to a regulatory filing made Monday and cited by Business Insider. Forbes reported that the shares are worth about $300 million.

“Delta welcomes new investors as we continue to build a model for sustainable, long-term success as a high-quality global company that consistently produces solid returns,” the airline said in a statement.

Airline stocks have climbed this year, as the Dow Jones U.S. Airlines index is up 0.7 percent. On Monday, Delta’s stock rose on the Buffett news 2.4 percent to $47.47.

Meanwhile, Moody’s Investor Service made Delta the first global U.S. airline to restore its credit rating to investment grade.

The Wall Street Journal’s coverage of Monday’s move noted Buffett, the billionaire “Oracle of Omaha,” had famously derided investing in airline stocks after suffering losses from purchasing preferred stock in USAir in 1989.

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