Berkshire Hathaway Inc. of Omaha, Neb., which is headed by investor Warren Buffett, has accumulated a 6.3% stake in Coca-Cola Co. that is now valued at about $1.15 billion, it was disclosed Wednesday.
Buffett described the stock purchase as “simply a passive investment.”
Coca-Cola stock rose $1.25 a share to $51.50 in active NYSE trading of about 1.1 million shares.
Coca-Cola Chairman Roberto C. Goizueta disclosed the Berkshire holding in a memo to the soft drink maker’s employees. Coca-Cola officials said they viewed the purchases as a “strong vote of confidence” from the widely respected investor.