Berkshire Hathaway Inc spent $1.2 billion buying back 9,200 of its Class A shares from the estate of a long-time investor, Warren Buffett's conglomerate said on Wednesday.
Berkshire, which operates a variety of companies in the insurance, energy, rail and utility sectors, bought the shares at a cost of $131,000 apiece and may buy more stock in the market at prices up to 120 percent of book value.
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The stock repurchase was authorized by the board of directors, which raised the price limit for Berkshire's repurchases to the 120 percent of book value level.
Berkshire's Class A shares were up 0.5 percent at $131,500 in morning trading.