Warren Buffett's Berkshire Hathaway Inc on Monday struck an agreement to buy insurance company Alleghany Corp for $11.6 billion, only weeks after the 91-year-old billionaire bemoaned a lack of good investment opportunities.
for $11.6 billion, only weeks after the 91-year-old billionaire bemoaned a lack of good investment opportunities.
"Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years," Buffett, who has run Berkshire since 1965, said in a statement.The acquisition, one of the five largest in Berkshire's history, would reunite Buffett with Joseph Brandon, who led General Re from 2001 to 2008 and became Alleghany's chief executive in December.
In his Feb. 26 annual shareholder letter, Buffett lamented that "internal opportunities deliver far better returns than acquisitions" and that little "excites us" in equity markets. He pledged to keep $30 billion of cash on hand.Cathy Seifert, an analyst at CFRA Research in New York, said the merger should offer no surprises, reflecting Buffett's familiarity with Alleghany and Brandon.
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