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3/14/2011
Rail News: Rail Industry Trends
BNSF owner Berkshire Hathaway to acquire Lubrizol
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A little more than a year ago, Berkshire Hathaway Inc. purchased a major railroad, BNSF Railway Co. Now, billionaire Warren Buffett’s firm is buying a rail shipper.
Today, Berkshire announced it reached an agreement to acquire 100 percent of The Lubrizol Corp.’s outstanding shares for $135 per share in cash. The transaction, which is subject to Lubrizol shareholders’ approval and customary closing conditions, is valued at about $9.7 billion — one of Berkshire’s largest acquisitions. The parties expect to close the transaction in the third quarter.
Lubrizol provides lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, and fuel additives for gasoline and diesel, as well as other additives for the industrial and consumer markets.
“Lubrizol is exactly the sort of company with which we love to partner — the global leader in several market applications run by a talented CEO, James Hambrick,” said Buffett, Berkshire’s chief executive officer, in a prepared statement.
Just as he told BNSF Chairman and CEO Matt Rose last year after Berkshire acquired the Class I, Buffet’s “only instruction” to Hambrick is: “Just keep doing for us what you have done so successfully for your shareholders,” said Buffett.
Today, Berkshire announced it reached an agreement to acquire 100 percent of The Lubrizol Corp.’s outstanding shares for $135 per share in cash. The transaction, which is subject to Lubrizol shareholders’ approval and customary closing conditions, is valued at about $9.7 billion — one of Berkshire’s largest acquisitions. The parties expect to close the transaction in the third quarter.
Lubrizol provides lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, and fuel additives for gasoline and diesel, as well as other additives for the industrial and consumer markets.
“Lubrizol is exactly the sort of company with which we love to partner — the global leader in several market applications run by a talented CEO, James Hambrick,” said Buffett, Berkshire’s chief executive officer, in a prepared statement.
Just as he told BNSF Chairman and CEO Matt Rose last year after Berkshire acquired the Class I, Buffet’s “only instruction” to Hambrick is: “Just keep doing for us what you have done so successfully for your shareholders,” said Buffett.
