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Berkshire Hathaway buying Precision Castparts for about $32B

By The Associated Press

This article was published August 10, 2015 at 6:44 a.m.

OMAHA, Neb. — Warren Buffett's Berkshire Hathaway is buying Precision Castparts Corp. for about $32.36 billion.

The announcement ended a weekend of speculation that a deal was in the works between the legendary investor and the maker of components for aircraft, power plants and other industrial uses.

Berkshire will pay $235 per share in cash for Precision Castparts' outstanding stock. The deal is valued at about $37.2 billion, including debt.

Precision Castparts will keep its name and continue to be based in Portland, Ore.

Berkshire Hathaway is known for being involved in large transactions, among them the combination of Kraft and Heinz. It owns various businesses, including insurance and railroad companies, utility, clothing, furniture, brick, carpet, jewelry and pilot training firms. Berkshire Hathaway also has major investments in such companies as Coca-Cola, IBM and Wells Fargo & Co.

Read Tuesday's Arkansas Democrat-Gazette for full details.

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