Buffett's company offers to buy rest of Wesco unit
Warren Buffett's company is offering to buy all the shares it doesn't already own of its subsidiary Wesco Financial.
Berkshire Hathaway Inc. says it will offer a combination of cash and Class B Berkshire stock to acquire the remaining 19.9 percent of the Pasadena, Calif., company.
Berkshire says in a filing with the Securities and Exchange Commission it will discuss the deal with Wesco's independent directors. Terms were not disclosed.
Berkshire officials did not immediately respond to a message.
Wesco has been controlled by Omaha-based Berkshire, which owns 5.7 million Wesco shares, for more than 30 years.
Wesco stock gained $47.25, or nearly 15 percent, to sell for $372 Thursday. Berkshire's B shares declined 11 cents to $76.69.
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Online:
Berkshire Hathaway Inc.: http://www.berkshirehathaway.com
Wesco Financial: http://www.wescofinancial.com
Copyright 2010 AP News
