First Read kicks off your week with news that hundreds are arrested in China for [...]Continue
Global mergers and acquisitions (M&A) have climbed close to a record high this year, accelerated by a trio of multibillion-dollar deals in the U.S., Thomson Reuters data showed.Continue
Kraft Heinz Co (KHC.O) said it will cut 2,500 jobs in the United States and [...]Continue
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) agreed to buy aircraft components maker Precision Castparts Corp (PCP.N) in its biggest deal ever, Reuters News reported.Continue
In Second Opinion, a suspect is arrested in the Charleston church shooting, which is now [...]Continue
Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) has bought a 3.7 percent stake in Insurance Australia Group (IAG.AX) for A$500 million ($388 million) as part of a partnership that IAG said would reduce its capital requirements and support its return on equity targets.Continue
Kraft Foods Group Inc, the maker of Velveeta cheese and Oscar Mayer meats, will merge [...]Continue
CBPE Capital has sold Warwick Chemicals to Lubrizol Corp., which is owned by Berkshire Hathaway. No financial terms were disclosed. The Valence Group advised CBPE on the transaction. Based in Mostyn, North Wales, Warwick Chemicals is a provider of stain removal technology.Continue
Berkshire Hathaway will acquire Charter Brokerage, a non-asset based third party logistics provider to the petroleum and chemical industries, from Arsenal Capital Partners. Morgan Stanley worked as financial advisor to Charter Brokerage.Continue
Warren Buffett’s Berkshire Hathaway Inc bought a new stake of 11 million shares in Verizon Communications Inc in the first quarter and added to its holding in Wal-Mart Stores Inc, according to a regulatory filing on Thursday.Continue
Warren Buffett’s Berkshire Hathaway Inc on Wednesday said it paid $2.05 billion cash to buy the 20 percent it did not already own of toolmaker Iscar from the Israeli company’s founding Wertheimer family, Reuters reports.Continue
Some big transactions helped boost deal values in February. There were 472 U.S. announced mergers [...]Continue
A story in yesterday’s Dealbook painted Warren Buffett as no friend of private equity. Buffett, [...]Continue
It’s been a week since Hurricane Sandy devastated the East Coast and damages could reach as much as $50 billion, according to the New York Times. Losses due to Sandy are still being worked out. If they are $10 billion or less, primary insurers, like Chubb or Allstate or State Farm, will likely pay the brunt of claims, PE sources say. As damages increase, payment will “disproportionately” fall on reinsurers.Continue
Warren Buffett is “in favor” of increasing the tax rate on capital gains. “I’ve operated under all kinds of tax rates, including 39.6% on capital gains,” the chairman of Berkshire Hathaway Inc. told Carlyle Group CEO David Rubenstein.Continue
Berkshire Hathaway has joined the group bidding for Citigroup’s consumer lending unit OneMain, formerly known as CitiFinancial, Reuters wrote Wednesday, citing a report in the Wall Street Journal. Buffett’s company joins a consortium consisting of private-equity firm Centerbridge Capital Partners and Leucadia National Corp. OneMain is expected to fetch more than $8 billion, Reuters reported.Continue
The results of our David Sokol poll surprised me.
Yesterday, I asked what might happen to the former heir apparent at Berkshire Hathaway. Sokol, in case you’ve forgotten, bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades became known.
Berkshire shareholders are expected to convene in Omaha tomorrow for the annual meeting. Buffett is sure to be grilled about his poor handling of the scandal. Right now, we don’t care about that. We want to know what will happen to Sokol.Continue
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Things aren’t looking too good for David Sokol, Warren Buffett’s former heir apparent at Berkshire Hathaway .
Yesterday, Berkshire slammed Sokol when it said he violated the company’s standards of conduct and its insider trading policies when he bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades were made known.
This has been an embarrassing situation for Buffett and Berkshire. The Oracle of Omaha has always been big on ethics. He is sure to face some tough questions this Saturday when Berkshire hosts its annual shareholder meeting.Continue