|
Berkshire buys all of Shaw
|
 |
January 21, 2002: 2:16 p.m. ET
Buffet's holding company acquires remaining stake in the carpet maker.
|
NEW YORK (CNN/Money) - Billionaire investor Warren Buffett's investment vehicle Berkshire Hathaway Inc. on Monday said it had acquired the remaining stake in carpet maker Shaw Industries that it did not already own for $354.6 million in stock.
Berkshire acquired the 12.7 percent stake in Shaw in exchange for 4,740 Class A Berkshire common shares, or the equivalent of the Class A shares in Class B shares.
Berkshire Class A (BRK: Research, Estimates) shares last traded at $74,800 on the New York Stock Exchange, which values the deal at $354.6 million.
Shaw Industries is based in Dalton, Georgia.
Last year Buffet, 72, carried on his investment strategy of picking old time businesses as acquisition targets. Shaw Industries, Johns Manville Corp., Benjamin Moore Paint, and boot maker Justin Industries were among Berkshire Hathaway's 2000 and 2001 purchases.
Berkshire also owns stock in some high-profile companies, including credit card firm American Express (AXP: down $0.14 to $37.02, Research, Estimates), soft-drink maker Coca Cola (KO: up $0.39 to $45.44, Research, Estimates), consumer goods firm Gillette (G: up $0.02 to $32.22, Research, Estimates) and newspaper publisher The Washington Post Co. (WPO: down $1.25 to $541.00, Research, Estimates) 
--from staff and wire reports
|
|
|
|
|
|
|
