Fund manager sells Berkshire shares due to Buffett's inaction on Coca-Cola
NEW YORK (Reuters) - Fund manager David Winters has sold his shares in Berkshire Hathaway Inc (BRKa.N), citing Chairman Warren Buffett's inaction on Coca-Cola Co's (KO.N) equity plan.
Winters previously owned 1.2 million shares of Berkshire, according to a May filing. A quarterly filing dated Aug. 14 said his firm Wintergreen Advisers no longer owns shares of the company.
Berkshire Hathaway, which owns roughly 9 percent of Coke's shares, is the soda maker's biggest shareholder. In April, Buffet said he thought Coke's equity compensation plan was excessive but that Berkshire Hathaway abstained in the shareholder vote.
Winters has been a vocal critic of the plan, which he says would dilute the holdings of current shareholders too much. Wintergreen Advisors still owns 2.5 million shares of Coke.
"We no longer felt that Warren Buffett was looking out for his shareholders’ interests," Winters said in an emailed statement.
Coke declined to comment. Berkshire did not return a phone call late Friday afternoon.
(Reporting by Anjali Athavaley; Editing by Lisa Shumaker)
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- Doctor with Ebola in Manhattan hospital after return from Guinea |
- Exclusive: Charred tanks in Ukraine point to Russian involvement
- Ground offensive against Islamic State months away in Iraq: U.S.
- Stress tests, Ebola cool global stocks after best week of year