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Berkshire's Buffett says sold Exxon Mobil stake for acquisition, stock buys

[NEW YORK] Warren Buffett, Berkshire Hathaway's billionaire chief executive officer, told CNBC on Monday that the company had sold its entire stake in Exxon Mobil Corp because it could use the money in both an acquisition and stock purchases.

"We sold it all in the fourth quarter," Mr Buffett, interviewed by the financial cable TV channel, said of Berkshire's 41 million shares in the oil company.

He said Exxon Mobil remains a "wonderful company" even though "its current earning power has been diminished significantly from what it was a year ago, as is true with all oil companies."

Mr Buffett, who did not say what company he might acquire, said of his Exxon sale: "We thought we might have other uses for the money."

Mr Buffett is also chairman of Berkshire Hathaway.

REUTERS