Money and Finance
- Berkshire Hathaway Takes $3.7 Billion Stake In Exxon Mobil
Warren Buffett's conglomerate Berkshire Hathaway owned a stake of about 40 million shares in oil major Exxon Mobil as of the end of September, according to an SEC filing on Thursday. Based on the most recently available holdings data, that would be...
- Berkshire Avoids Rout As Buffett Sidesteps Bonds
Warren Buffett’s preference for buying stocks and whole companies rather than bonds is helping Berkshire Hathaway Inc. (BRK/A) weather a spike in interest rates better than other insurers. Book value rose 2 percent to about $122,900 per Class A share...
- Berkshire Hathaway To Invest $5 Billion In Bank Of America
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Bank of America Corporation announced today that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share to Berkshire Hathaway, Inc. in a private...
- David Sokol Resigns From Berkshire
A top executive of Berkshire Hathaway who was believed to be on the inside track to one day succeed billionaire Warren Buffett as CEO has resigned suddenly. Buffett said Wednesday that David Sokol's resignation letter, delivered by his assistant late...
- The Fairholme Fund - Annual Report And Letter To Shareholders
We have always been attracted to sectors showing large declining market values. Usually, stock prices of businesses within these industries drop faster than underlying values, tainted by the collapse of speculative securities. Such conditions create a...
Money and Finance
Berkshire Hathaway Inc. to Acquire 60% of Pritzker Family Company, Marmon Holdings, Inc.
This is Berkshire's largest-ever acquisition outside of the insurance industry.
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Berkshire Hathaway Chairman and CEO Warren Buffett and Tom Pritzker, Chairman of Marmon Holdings today announced that Berkshire will purchase 60% of Marmon Holdings, Inc., a private company owned by trusts for the benefit of members of the Pritzker Family of Chicago.
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The closing is anticipated to occur in the first quarter of 2008. Prior to closing, Marmon will make a substantial distribution of cash and certain assets to the selling shareholders. At closing Berkshire will acquire 60% of Marmon for $4.5 billion. The remaining 40% will be acquired through staged acquisitions over a five to six year period for consideration to be based on the future earnings of Marmon. The transaction remains subject to customary closing conditions, including regulatory approvals.
The closing is anticipated to occur in the first quarter of 2008. Prior to closing, Marmon will make a substantial distribution of cash and certain assets to the selling shareholders. At closing Berkshire will acquire 60% of Marmon for $4.5 billion. The remaining 40% will be acquired through staged acquisitions over a five to six year period for consideration to be based on the future earnings of Marmon. The transaction remains subject to customary closing conditions, including regulatory approvals.
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Marmon is a private company that was acquired in 1953 by two brothers, Jay and Robert Pritzker, when it was a small ailing manufacturing operation in Ohio. In 2002 Jay’s son Tom became Chairman of Marmon. He then recruited John Nichols to become CEO of Marmon and in 2006 John was succeeded by Frank Ptak who is currently CEO of Marmon.
Marmon is a private company that was acquired in 1953 by two brothers, Jay and Robert Pritzker, when it was a small ailing manufacturing operation in Ohio. In 2002 Jay’s son Tom became Chairman of Marmon. He then recruited John Nichols to become CEO of Marmon and in 2006 John was succeeded by Frank Ptak who is currently CEO of Marmon.
- Berkshire Hathaway Takes $3.7 Billion Stake In Exxon Mobil
Warren Buffett's conglomerate Berkshire Hathaway owned a stake of about 40 million shares in oil major Exxon Mobil as of the end of September, according to an SEC filing on Thursday. Based on the most recently available holdings data, that would be...
- Berkshire Avoids Rout As Buffett Sidesteps Bonds
Warren Buffett’s preference for buying stocks and whole companies rather than bonds is helping Berkshire Hathaway Inc. (BRK/A) weather a spike in interest rates better than other insurers. Book value rose 2 percent to about $122,900 per Class A share...
- Berkshire Hathaway To Invest $5 Billion In Bank Of America
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Bank of America Corporation announced today that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share to Berkshire Hathaway, Inc. in a private...
- David Sokol Resigns From Berkshire
A top executive of Berkshire Hathaway who was believed to be on the inside track to one day succeed billionaire Warren Buffett as CEO has resigned suddenly. Buffett said Wednesday that David Sokol's resignation letter, delivered by his assistant late...
- The Fairholme Fund - Annual Report And Letter To Shareholders
We have always been attracted to sectors showing large declining market values. Usually, stock prices of businesses within these industries drop faster than underlying values, tainted by the collapse of speculative securities. Such conditions create a...