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Berkshire Hathaway to buy Lubrizol for $9B in cash

Berkshire Hathaway to buy Lubrizol for $9B in cash

March 14th, 2011 in News

OMAHA, Neb. (AP) - Warren Buffett's Berkshire Hathaway Inc. is buying specialty chemicals company Lubrizol Corp. for about $9 billion in cash, making it one of the biggest acquisitions in Berkshire's history.

The companies said Monday that the transaction also includes about $700,000 in net debt. Berkshire will pay $135 per share, a 28 percent premium to Lubrizol's Friday closing stock price of $105.44.

Buffett said last week he was looking for more big acquisitions to boost Berkshire's earnings power. Last year, Berkshire Hathaway acquired railroad Burlington Northern Santa Fe for more than $26 billion.