Billionaire Warren Buffett's Berkshire Hathaway Inc. now has Target, the number-two U.S. retailer, among its investments.
Berkshire said in a Securities and Exchange Commission filing Monday that it purchased 5.5 million shares of Target Corp., or 0.6 percent of the discount retailer's stock. The Target shares were valued at $268.8 million as of June 30.
Berkshire held 19.9 million shares of Wal-Mart, Target's chief rival, as of June 30. The company is expected next month to disclose its holdings as of Sept. 30.
Buffet's holding company, which also counts insurance, furniture, candy, natural gas and corporate jet firms among its investments, is no stranger to retail and apparel. Subsidiaries under the Berkshire umbrella include Ben Bridge Jeweler, Borsheim's Fine Jewelry, Helzberg Diamonds, H.H. Brown Shoe Group and Fruit of the Loom. The company purchased Fruit of the Loom out of bankruptcy in January 2002.
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