Berkshire Hathaway agrees to buy White Mountains stock.

Bermuda-based White Mountains Insurance Group White Mountains Insurance Group is a holding company with business interests in property and casualty insurance, and reinsurance. The group owns the direct marketing insurer Esurance. External links

Official site

Ltd. said that 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. has agreed to exercise all of its warrants to purchase common shares of White Mountains White Mountains, part of the Appalachian system, N N.H. and SW Maine, rising to 6,288 ft (1,917 m) at Mt. Washington in the Presidential Range and to 5,249 ft (1,600 m) at Mt. Lafayette in the Franconia Mountains. Crawford Notch separates these two main groups. , which will allow the company to collect about $294 million in cash.

Berkshire Hathaway will hold 1.72 million common shares, or about 16% of White Mountains' outstanding common shares.

Warren Buffett Warren Buffett

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 , the head of Berkshire Hathaway, agreed to exercise the warrant a year ahead of schedule for a modest discount, White Mountains President and Chief Executive Officer Ray Barrette said in a statement. The companies agreed to reduce the exercise price by about 2%, which will have a small impact on fully converted tangible book value per share, the statement said.

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Title Annotation:	Companies
Publication:	Best's Review
Article Type:	Brief Article
Geographic Code:	1USA
Date:	Jul 1, 2004
Words:	118
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