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Warren Buffett’s Berkshire Hathaway on Wednesday disclosed a new stake in drugmaker Teva Pharmaceutical Industries Ltd and said it bought more shares of Apple, which surpassed Wells Fargo & Co as its largest common stock investment. Berkshire also nearly completed its yearlong exit from International Business Machines Corp (IBM), selling more than 94 per cent. In a filing detailing its US-listed stock holdings, Berkshire reported owning about 18.9 million Teva American depositary receipts, worth about $358 million.
Teva shares rose more than 10 per cent after market hours, reflecting what investors perceive as Berkshire’s seal of approval for the drugmaker. Berkshire said it would work with Amazon and JPMorgan Chase & Co to create their own healthcare company.