Buffett Buys Lubrizol

Pays $9.7 billion

Billionaire Warren Buffett's Berkshire Hathaway said on March 14 that it is buying chemicals group Lubrizol for $9.7 billion, just days after he said he was "itchy" to do more deals.

Berkshire Hathaway will pay $135 per share for Lubrizol Corp shares, a 28% premium to their closing price on March 11. The deal includes some $700 million in debt.

A joint statement said the all-cash transaction makes "it one of the largest acquisitions in Berkshire Hathaway history."

"Lubrizol is exactly the sort of company with which we love to partner," Buffett said.

Copyright Agence France-Presse, 2011

See Also

Buffett Ready for More Takeovers

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