Buffett buys 60% stake in Pritzker firm
Warren Buffett's Berkshire Hathaway is paying $4.5 billion for a 60 percent stake in Marmon Holdings Inc., a privately-held conglomerate controlled by the Pritzker family in Chicago. 
The acquisition was announced Tuesday by Buffett, the legendary investor who serves as chairman and chief executive of Berkshire Hathaway, and Tom Pritzker, chairman of Marmon. The deal is expected to close within the next three months.
Berkshire Hathaway (
BRKA,
Fortune 500) will take control of 60% of Marmon and acquire the rest of the company within six years, according to a joint statement.
Buffett noted "Marmon's impressive record of growth and profitability over the years."
Marmon comprises more than 125 manufacturing and service businesses in the energy, construction, transportation, engineering and other sectors in North America, the United Kingdom, Europe, China and elsewhere, according to the statement.
The companies said that Marmon's annual revenues total approximately $7 billion and that operating income more than tripled between 2002 and 2007.
The Pritzker family, whose businesses include the Hyatt hotel chain, has controlled Marmon since 1953.
Buffett has built Berkshire Hathaway into a massive holding company with interests ranging from underwear to private jets. Its 2006 revenues were $98 billion. Berkshire Hathaway's shares have outperformed the S&P 500 by more than two-fold since 1965.
ICICI Bank
ICICI Bank is India's second-largest bank with total assets of Rs. 3,446.58 billion (US$ 79 billion) at March 31, 2007 and profit after tax of Rs. 31.10 billion for fiscal 2007. ICICI Bank is the most valuable bank in India in terms of market capitalization and is ranked third amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 950 branches and 3,300 ATMs in India and presence in 17 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance Centre and representative offices in the United States, United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established a branch in Belgium.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
No comments:
Post a Comment