Buffett snaps up Duracell from P&G

Billionaire investor Warren Buffett's Berkshire Hathaway announced today that it will acquire the Duracell battery business from Procter & Gamble, according to USA Today.

“In exchange for a recapitalized Duracell Company, which will include approximately $1.7 billion in cash at closing, P&G will receive shares of P&G’s common stock currently held by Berkshire Hathaway having a current value of approximately $4.7 billion," Berkshire officials said in a statement.

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

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