FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at the annual Berkshire Hathaway Inc shareholders meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan
March 21, 2022
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc said Monday it plans to buy Alleghany Corporation in a cash deal valued at $11.6 billion.
Berkshire Hathaway has offered $848.02 for each Alleghany share, a premium of more than 25% to the company’s closing price on Friday.
Alleghany was founded in 1929 by railroad entrepreneurs Oris and Mantis Van Sweringen and is principally engaged in property and casualty reinsurance and insurance through subsidiaries and equity interests.
The deal is expected to close in the fourth quarter of 2022, and Alleghany will operate as an independent entity of Berkshire Hathaway upon closing.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Aditya Soni)
https://www.oann.com/berkshire-hathaway-to-buy-alleghany-in-11-6-billion-deal/?utm_source=rss&utm_medium=rss&utm_campaign=berkshire-hathaway-to-buy-alleghany-in-11-6-billion-deal Berkshire Hathaway is buying Alleghany in a $11.6 billion deal