Take away the major $26 billion deal for Burlington Northern Santa Fe, the $9 billion acquisition of Lubrizol (NYSE:LZ) by Warren Buffett and Berkshire Hathaway (NYSE:BRK-A) is one of the largest deals made in years.
Berkshire Hathaway said in a news release today it was acquiring Lubrizol for close to $9 billion in cash, and will assume approximately $700 million in debt as well.
The offer is $135 a share for the chemicals company, a 28 percent premium over Friday's closing price of $105.44 and an 18 percent increase over its all-time high.
Buffett said this about the deal: "Lubrizol is exactly the sort of company with which we love to partner - the global leader in several market applications run by a talented CEO, James Hambrick. Our only instruction to James - just keep doing for us what you have done so successfully for your shareholders."
Luzrizol was trading at $134.06, up $28.62, or 27.14, as of 11:43 AM EST. Berkshire Hathaway was trading at $126,045.00, down $1,955.00, or 1.53 percent.
Monday, March 14, 2011
Buffett, Berkshire (BRK-A) Acquire Lubrizol (LZ) for $9 Billion
Labels:
Berkshire Hathaway,
Lubrizol,
Warren Buffett
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment