Lubrizol Shareholders Overwhelmingly Approve Acquisition by Berkshire Hathaway

At today's special meeting, shareholders of The Lubrizol Corporation

overwhelmingly approved the acquisition of Lubrizol by Berkshire Hathaway (NYSE:

) (NYSE:

) for $135 per share in an all-cash transaction. Approximately 95% of the votes cast, in person or by proxy, voted in favor of the merger. In total, 49.4 million, or 77%, of the shares outstanding as of the April 27, 2011 record date, were represented at the special meeting, constituting a quorum. Adoption of the merger agreement required an affirmative vote of a simple majority of the Lubrizol common shares outstanding. James L. Hambrick, Lubrizol's chairman, president and chief executive officer stated, “With this approval, we are one step closer to becoming a wholly owned subsidiary of Berkshire Hathaway. I am excited about the future of Lubrizol. The acquisition leaves us well positioned to continue executing our growth agenda which includes geographic expansion, product innovation, investment in infrastructure and complementary acquisitions.” In addition to the approval of shareholders, completion of the transaction is subject to satisfaction of customary closing conditions, including the expiration of waiting periods and the receipt of approvals under the Hart-Scott-Rodino Antitrust Improvements Act and applicable non-U.S. merger control regulations. The transaction received early termination under HSR on April 8, 2011. The company also advises that all non-U.S. regulatory filings are on schedule, and the transaction is projected to close in the third quarter of 2011.