* Berkshire’s Geico unit sells 1.75 mln Moody’s shares
* Berkshire still has 11.9 pct stake in Moody’s
May 1 (Reuters) – Warren Buffett’s Berkshire Hathaway Inc
on Wednesday said it has sold 6.1 percent of
its stake in Moody’s Corp, the first time since 2010 it
has sold shares of the parent of credit rating agency Moody’s
Investors Service.
The sale of roughly 1.75 million Moody’s shares between
April 29 and May 1 generated gross proceeds of more than $105
million and reduced Berkshire’s stake in the company to about
11.9 percent from 12.7 percent, according to filings with the
U.S. Securities and Exchange Commission.
All of the shares sold had been owned by Berkshire’s Geico
auto insurance unit, the filings show. Following the sales,
Geico still owned nearly 14 million Moody’s shares, while
Berkshire’s National Indemnity Co unit owned about 12.7 million.
It is unclear why the sales took place. A Moody’s spokesman
did not immediately respond to a request for comment. Berkshire
did not immediately respond to a request for comment.
Berkshire once held a stake of more than 20 percent in
Moody’s. It has owned shares of the New York-based company for
well over a decade.
Shares of Moody’s closed Wednesday down 5 cents at $60.80 on
the New York Stock Exchange. Berkshire disclosed the sales after
U.S. markets closed.
