CINCINNATI (dpa-AFX) - Berkshire Hathaway Inc. (BRK.A, BRK.B) said it has entered into a definitive agreement with Procter and Gamble (PG) to acquire the Duracell battery business from the consumer products giant.
Pursuant to the agreement, in exchange for a recapitalized Duracell Company, which will include about $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 around $4.7 billion.
The transaction is expected to close in the second half of 2015.
Warren Buffett, Berkshire Hathaway CEO, said, 'I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette. Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.'
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