Buffett's Berkshire Hathaway buying Duracell business from Procter & Gamble in $3B deal

Markets Associated Press

Warren Buffett's Berkshire Hathaway Inc. is buying the Duracell battery business from Procter & Gamble Co. in a deal valued at approximately $3 billion.

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P&G will receive shares of its own stock that is currently held by Berkshire Hathaway. Those shares are currently valued at about $4.7 billion. P&G will contribute about $1.7 billion to Duracell as part of the deal.

The deal is expected to close in the second half of 2015.