NYT: Billionaire Warren E. Buffett purchased the battery company from Procter & Gamble.
NYT: Billionaire Warren E. Buffett purchased the battery company from Procter & Gamble.
P.&G. will first recapitalize Duracell by injecting about $1.8 billion in cash into the subsidiary. Then Berkshire Hathaway will take over the battery business by exchanging its shares in P.&G., currently valued at about $4.7 billion.
The complicated maneuver will let P.&G. and Berkshire Hathaway avoid significant taxes. And it will allow P.&G., which also owns Crest toothpaste and Tide detergent, to part with Duracell more quickly than under its original plan, in which P.&G. would have let its shareholders exchange some of their holdings for shares in Duracell.
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