Last month, Procter & Gamble decided that it wanted out of the battery game, and was selling Duracell to the highest bidder. Today, a surprising figure has emerged as the buyer: America's richest man, Warren Buffett. According to the release, Berkshire Hathaway (Buffett's company) will spend around $1.7 billion in cash and will swap stock worth around $4.7 billion in order to own the power outfit. After all, as devices with built-in, rechargeable batteries rise in prominence, the need to buy expensive AAAs from the store is decreasing. Still, Buffett's got a track record of making savvy investments - so perhaps this is time for a corporate reinvention that P&G couldn't, or didn't want to, implement.
Filed under: Misc
Via: Business Insider
Source: BusinessWire
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