Billionaire Warren Buffet Strikes Deal With P&G For Duracell
By:
LATF Staff Member
Random Commentary
November 13, 2014,
10:02 am
In a big battery deal: Proctor & Gamble plans to execute a split transaction, in which it will exchange a recapitalized Duracell Company for Berkshire Hathaway’s shares of P&G stock. Warren Buffet’s Berkshire’s stock ownership is currently valued at approximately $4.7 billion. P&G said it expects to contribute approximately $1.8 billion in cash to the Duracell Company in the pre-transaction recapitalization.
“I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette,” commented Warren E. Buffett, Berkshire Hathaway chief executive officer.“Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.”
As part of the exit of the battery business, P&G announced that it closed the sale of its interest in a China-based battery joint venture earlier in the week.
P&G said it expects to close the Duracell transaction in the second half of calendar year 2015 pending necessary regulatory approvals.
Billionaire Warren Buffet Strikes Deal With P&G For Duracell
“I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette,” commented Warren E. Buffett, Berkshire Hathaway chief executive officer. “Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.”
As part of the exit of the battery business, P&G announced that it closed the sale of its interest in a China-based battery joint venture earlier in the week.
P&G said it expects to close the Duracell transaction in the second half of calendar year 2015 pending necessary regulatory approvals.
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