Warren Buffett's Berkshire Hathaway announced an agreement to buy Procter & Gamble's Duracell battery business, in a deal expected to close in the second half of 2015. In exchange for a recapitalized Duracell company, which will include $1.7 billion in cash at the closing, Procter & Gamble will receive $4.7 billion worth of its stock currently owned by Berkshire. "I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette," said Buffett, Berkshire Hathaway's chief executive officer. "Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway." Berkshire is currently P&G's fifth largest shareholder, holding a market value of $4.724 billion worth of stock, according to FactSet. P&G's stock, a component of the Dow Jones Industrial Average, slipped 0.5% in premarket trade, while Berkshire shares were still inactive. P&G shares have gained 9.9% year to date through Wednesday, compared to the Dow industrials' 6.2% gain.
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