Buffett buys big stake in Kraft

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Buffett buys big stake in Kraft

Billionaire investor adds the food company and drugmaker GlaxoSmithKlein to his portfolio.

NEW YORK (CNNMoney.com) -- Warren Buffet's investment group Berkshire Hathaway bought more than 132 million shares of food company Kraft, according to a document filed with the Securities and Exchange Comission Thursday.

Billionaire Buffett, whose nickname is the "Oracle of Omaha," is one of the world's most well-known investors.

Thursday's required fourth-quarter report of Berkshire's holdings also lists the addition of 1.5 million shares of European drugmaker GlaxoSmithKlien.

Speculation circulated in the middle of last year that Berkshire Hathaway (BRK.A) would buy a stake in Kraft.

Shares of Kraft Foods (KFT) grew 0.77 cents, or 2.63%, to $30.08 in after-hours trading. U.S.-traded shares of GlaxoSmithKlein (GSK) rose 0.85 cents, or 1.96% to $44.17.

Earlier this week Buffett shocked the markets by offering to take over the municipal bond obligations of bond insurers MBIA (MBI), Ambac (ABK), and FGIC for $800 billion.
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http://money.cnn.com/2008/02/14/news/companies/berkshire_hathaway/index.htm?postversion=2008021418