Buffett’s Berkshire Hathaway Trades White Mountains Insurance Thursday for businesses and cash-2
Milliardaire Warren Buffett’s Berkshire Hathaway Inc. has declared itself ready, trade 16.3 per cent of their share to White Mountains Insurance Group for two subsidiaries and $ 751 million (€ 489 million).
Berkshire Hathaway has been an investor in White Mountains since 2001, and Omaha, Nebraska company has currently set at 1.7 million shares White Mountains.
In addition to cash, Berkshire obtain Commercial Casualty Insurance Co. and American International Group. These two companies have had the fortune gross approximately $ 435 million (€ 283 million).
White Mountains Ray Barrette said the CEO of Berkshire investment in White Mountains contributed to what companies buy CGU / One Beacon in 2001. The CGU purchase of property and accident insurance businesses helped, White Mountains extend beyond reinsurance.
“White Mountains is now a more diversified economy, competition, active in many areas of Berkshire Hathaway,” said Barrette. “There is a gracious added value to our paths separated.
Berkshire already owns several large insurance companies, including insurance provision Geico and General Re giant.
A Berkshire Hathaway spokeswoman said Monday that business executive would not immediately available for comment.
The transaction is expected during the third quarter of 2008. The conditions of the transaction value Berkshire’s White Mountains shares of $ 836 million (€ 545 million) or $ 485 per share, based on the closing price if the transaction was agreed.
Berkshire paid $ 369 million (€ 240.55 million) for bearings to White Mountains, automobile insurance sold by its division and Esurance offers the reassurance of White Mountains Re
The action of the share has declined, White Mountains $ 17 or 3.6 percent to $ 461 in early trade on Monday morning. Berkshire Hathaway’s Class A share slipping $ 805 or less than 1 percent to $ 133000th
White Mountains, about 8.8 million shares after the Deal. White Mountains’ company based in Hamilton, Bermuda, but first executive office is located in Hanover, New Hampshire.
The two companies have structured the transaction so that neither one expected, registering a taxable income of the transaction.
In addition to insurance companies, Berkshire owns clothing, furniture, natural gas, Corporate Jet and sweets. Berkshire also has major investments in companies such as Coca-Cola Co. and Wells Fargo & Co.
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