Buffett buys back $1.2B of Berkshire stock

Berkshire Hathaway, the conglomerate of more than 70 businesses controlled by investor Warren Buffett, says it has bought back $1.2 billion-worth of its shares. The shares were bought from the estate of a long-time shareholder thought to be Albert Ueltshci, founder of FlightSafety International which Buffett bought in 1996 and who died in October. Berkshire made its first ever buyback last year as it addressed concerns about its share price performance. The company also said it was changing the criteria for future buybacks, doubling the maximum premium to book value that it would pay to 20%. Berkshire's shares rose more than 2.5% in morning New York trade following the announcement.