BERKSHIRE HATHAWAY BUYS INTERNATIONAL ENERGY FIRM.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. The acquisition of MidAmerican Energy MidAmerican Energy may refer to one of the following:
Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making will provide the cash and stability needed for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth, MidAmerican executives said Monday. Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Inc. of Omaha, Neb., agreed to acquire MidAmerican Energy for $2.1 billion. Berkshire will also assume about $7 billion in debt in the deal. ``We'll be able to take a long-term view of where we're going and how we're going to get there,'' MidAmerican Chairman and Chief Executive Officer David L. Sokol said. ``We don't have to be shifting strategies based on short-term events in the marketplace.'' The acquisition is Berkshire's first investment in the energy industry. In the deal announced Monday, Berkshire will acquire the Des Moines-based utility for $35.05 per share, about 29 percent over Friday's closing price of $27.25. Shares of MidAmerican closed Monday at $33.375, up 22 percent or $6.125, on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . ``We buy good companies with outstanding management and good growth potential at a fair price, and we're willing to wait longer than some investors for that potential to be realized,'' Buffett said in a statement. ``This investment is right in our sweet spot.'' Sokol said Buffett had been considering investing in the energy sector for some time. CAPTION(S): Photo Photo: (Color) Warren Buffett Heads Berkshire group |
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