Berkshire Hathaway to Acquire Duracell in Exchange for P&G Shares

Posted: November 14, 2014

Following its prior announcement of plans to exit the Duracell business, PG said it now plans to execute a split transaction, in which it will exchange a recapitalized Duracell Company for Berkshire Hathaway’s shares of PG stock. “We thank the Duracell employees for their many contributions to the business. They’ve made Duracell the global market leader in the battery category,” said PG chairman of the board, president and CEO A.G. Lafley at PG’s 2014 analyst meeting. “I’m confident this new ownership structure will provide strong support for Duracell’s future growth plans.”

Berkshire’s stock ownership is currently valued at approximately $4.7 billion. PG said it expects to contribute approximately $1.8 billion in cash to the Duracell Company in the pre-transaction recapitalization.

Based on the signing of the contract to exit the Duracell business, PG will restate Batteries results to discontinued operations effective with the reporting of October-December 2014 quarterly results. The Company expects to restate earnings per share of approximately $0.12 to $0.14 to discontinued operations for fiscal year 2014. All-in GAAP earnings per share are not affected by the restatements.

PG said it expects to close the Duracell transaction in the second half of calendar year 2015, pending necessary regulatory approvals.

Related Topics: Announcements (Marketers)




http://www.earthyflavorance.us/berkshire-hathaway-to-acquire-duracell-in-exchange-for-pg-shares/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s