CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Warren Buffett to buy Lubrizol at about 9 billion dollars

03-15-2011 09:09 BJT

WASHINGTON, March 14 (Xinhua) -- Berkshire Hathaway Inc., owned by billionaire Warren Buffett, has agreed to buy Lubrizol Corp., the world's leading producer of lubricant additives, at about 9 billion U.S. dollars, according to a statement released on Monday by the company.

Berkshire Hathaway Inc. said that it would pay 135 dollars a share in cash, 28 percent more than Lubrizol's closing price on March 11. Moreover, the purchase also includes an additional 700 million dollars of net debt.

The is Buffett's second-largest purchase in the past five years after buying Burlington Northern Santa Fe railroad at approximately 26.3 billion dollars in 2009.

"Lubrizol is exactly the sort of company with which we love to partner -- the global leader in several market applications run by a talented chief executive officer, James Hambrick," said Buffett in the statement.

Buffett told investors last month that he would pursue bigger acquisitions this year by using his 38 billion dollars pile of cash.

Berkshire and Lubrizol said they expected the purchase to be completed in the third quarter. Lubrizol will operate as a subsidiary of Berkshire and remain based in Wickliffe, Ohio.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program