Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) announced today that it has
entered into a definitive agreement with Procter and Gamble PG whereby it
will acquire the Duracell battery business from Procter & Gamble (“P&G”).
Pursuant to the agreement, in exchange for a recapitalized Duracell Company,
which will include approximately $1.7 billion in cash at closing, P&G will
receive shares of P&G's common stock currently held by Berkshire Hathaway
having a current value of approximately $4.7 billion. The transaction is
expected to close in the second half of 2015 and is subject to obtaining
various regulatory approvals as well as certain other customary closing
conditions.
“I have always been impressed by Duracell, as a consumer and as a long-term
investor in P&G and Gillette,” commented Warren E. Buffett, Berkshire Hathaway
chief executive officer. “Duracell is a leading global brand with top quality
products, and it will fit well within Berkshire Hathaway.”
“We thank the Duracell employees for their many contributions to the business.
They've made Duracell the global market leader in the battery category,” said
A.G. Lafley, P&G chief executive officer. “I'm confident this new ownership
structure will provide strong support for Duracell's future growth plans.”
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