(Reuters) - Warren Buffett's conglomerate Berkshire Hathaway Inc has begun its share buybacks, Buffett said on Friday, but the repurchases will not stop the company from also making acquisitions or spending on infrastructure for its portfolio of companies.
Buffett, in a CNBC interview from the floor of the New York Stock Exchange, also said Berkshire has bought a net $4 billion of common stock on the market in the third quarter as deep declines presented opportunities to invest cheaply.
Berkshire stunned the market earlier this week with the buyback program. The company said it would pay up to 10 percent more than book value for shares. Investors said the program meant Berkshire was probably undervalued by 30 percent or more.