OMAHA (dpa-AFX) - Billionaire Warren Buffett's Berkshire Hathaway Inc. (BRK.A, BRK.B) board announced it is removing a cap on stock buybacks, giving the Berkshire chairman and chief executive officer greater leeway to parcel out profits, rather than hunt for more acquisitions. Buffett and Vice Chairman Charlie Munger can now make repurchases whenever they both believe the price 'is below Berkshire's intrinsic value, conservatively determined,' the company said. The stock rose in late trading.
Berkshire's old policy said repurchase prices would not exceed 1.2 times book value per share, or assets minus liabilities.
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