Key Developments: Berkshire Hathaway Inc (BRKb)

BRKb on New York Consolidated

9 Oct 2015
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Latest Key Developments (Source: Significant Developments)

Berkshire Hathaway Inc's Geico to pay $6 mln to settle insurance bias charges - Reuters
Sunday, 23 Aug 2015 08:00pm EDT 

Berkshire Hathaway Inc:Geico, the auto insurance unit of Berkshire Hathaway, agreed to pay $6 mln to settle charges it discriminated based on gender, education level and occupation when quoting rates online, the California Department of Insurance said on Aug.24 - Reuters.The settlement lasts three years and resolves claims first raised by the Consumer Federation of California against Geico, which insures more than 22 million vehicles.Geico was accused of targeting women, people with low incomes and people not working in professional or executive jobs with deceptive and inflated rate quotations, while offering better terms to drivers it considered more desirable.Under the settlement, Geico agreed not to consider education and occupation when determining coverage limits for people who qualify as "good" drivers under California law.It also agreed to offer coverage of $15,000 per person and $30,000 per accident to certain drivers, and submit to twice-yearly audits of its website.The payout will double to $12 million if Geico fails to substantially comply with the settlement.  Full Article

Berkshire Hathaway Inc. to acquire Precision Castparts Corp
Monday, 10 Aug 2015 07:00am EDT 

Berkshire Hathaway Inc:Acquire Precision Castparts Corp for $235 per share in cash.Transaction is valued at about $37.2 billion, including outstanding net debt.Closing is expected to occur during the first quarter of calendar 2016.  Full Article

Berkshire Hathaway Inc's McLane Foodservice to Pay $40,000 to Settle EEOC Disability Discrimination Lawsuit - EEOC
Wednesday, 22 Jul 2015 08:00pm EDT 

Berkshire Hathaway Inc's:Says has agreed to pay $40,000 to settle a disability discrimination lawsuit brought by the U.S. Equal Employment Opportunity Commission.According to EEOC's suit, McLane violated the Americans with Disabilities Act (ADA) by refusing to hire an applicant because it regarded him as disabled and because the applicant had a record of a disability, having had heatstroke and renal failure.Says besides the $40,000 in monetary relief, the two-year consent decree settling the lawsuit enjoins McLane from refusing to hire applicants because of a disability in the future.The decree also requires McLane to provide training on disability discrimination in the work-place, maintain records of any complaints of disability discrimination, and provide annual reports to EEOC.  Full Article

Insurance Australia Group Ltd forms strategic relationship with Berkshire Hathaway Inc
Monday, 15 Jun 2015 07:05pm EDT 

Insurance Australia Group Ltd:Enters strategic relationship agreement to establish long-term partnership with Berkshire Hathaway Inc.Agreement enables both parties to draw on each other's strengths to better meet customer needs and deliver superior business outcomes.Says strategic partnership is underpinned by a 10-year 20 pct. quota share arrangement across IAG's consolidated insurance business and an about 3.7 pct. investment in IAG by Berkshire Hathaway via a share placement.  Full Article

Berkshire Hathaway issues senior notes - Form 8-K
Monday, 16 Mar 2015 05:16pm EDT 

Berkshire Hathaway Inc:Issued 750 million euros aggregate principal amount of 0.75 pct senior notes due 2023.Issues1,250 million euros aggregate principal amount of 1.125 pct senior notes due 2027.Issues 1 billion euros aggregate principal amount of 1.625 pct senior notes due 2035.Notes were sold pursuant to an underwriting agreement with company and Deutsche Bank AG, London Branch, Goldman, Sachs & Co., Merrill Lynch International and Wells Fargo Securities International Limited.  Full Article

Berkshire Hathaway Inc completes acquisition of Van Tuyl Group
Tuesday, 10 Mar 2015 08:00am EDT 

Berkshire Hathaway Inc:Completed its acquisition of the Van Tuyl Group, the privately held dealership group in the United States.  Full Article

Preiss-Daimler to acquire Glass Textiles Business in Sweden from Berkshire Hathaway company's Johns Manville
Friday, 19 Dec 2014 02:00pm EST 

Johns Manville and Preiss-Daimler:Says that a Preiss-Daimler group company will acquire Johns Manville's Glass Textiles business in Sweden.Business is a supplier of superior glass wallcoverings in the European markets, including woven as well as nonwoven products.Acquisition is expected to close on Dec. 31.Terms of the agreement were not released.Johns Manville is a Berkshire Hathaway company.  Full Article

Berkshire Hathaway completes investment in Restaurant Brands International Inc
Friday, 12 Dec 2014 05:30pm EST 

Berkshire Hathaway:Says it acquires, through its wholly owned subsidiary National Indemnity Company (NICO), ownership and control of (a) 68,530,939 Class A 9.00 pct Cumulative Compounding Perpetual Preferred Shares in the capital of Restaurant Brands International Inc.And one warrant to purchase 8,438,225 common shares in the capital of the Corporation, at an exercise price of $0.01 per share.Acquisition of Securities was completed pursuant to the terms of a securities purchase agreement dated Aug. 26, 2014 between the Corporation and Berkshire, as amended.Berkshire assigned certain rights under Securities Purchase Agreement, including the right to acquire the Securities, to NICO.Securities were acquired in connection with the closing of the transaction that was initially announced on Aug. 26, 2014 by Tim Hortons Inc. and Burger King Worldwide, Inc.Securities were acquired for an aggregate purchase price of $3,000,000,000.  Full Article

Berkshire Hathaway Inc. acquires Charter Brokerage
Friday, 12 Dec 2014 05:00pm EST 

Berkshire Hathaway Inc:Says it is acquiring Charter Brokerage, a non-asset based third party logistics provider to the petroleum and chemical industries, from Arsenal Capital Partners.Morgan Stanley & Co. LLC served as financial advisor to Charter Brokerage.Kirkland & Ellis LLP provided legal advice to Charter Brokerage, and Munger, Tolles & Olson LLP provided legal advice to Berkshire Hathaway.  Full Article

Berkshire Hathaway Inc to acquire Duracell Battery business from Procter & Gamble
Thursday, 13 Nov 2014 07:30am EST 

Berkshire Hathaway Inc:Enters into definitive agreement with Procter and Gamble (P&G) whereby it will acquire the Duracell battery business from Procter & Gamble (P&G).Pursuant to the agreement, in exchange for a recapitalized Duracell Company, which will include about $1.7 bln in cash at closing, P&G will receive shares of P&G's common stock currently held by Berkshire Hathaway having current value of about $4.7 bln.The transaction is expected to close in the second half of 2015 and is subject to obtaining various regulatory approvals as well as certain other customary closing conditions.  Full Article


Goldman to release results on website, not BusinessWire: source

- Goldman Sachs Group Inc will release its third-quarter results next week through its website and Twitter, not through BusinessWire, as it seeks more control over the handling of sensitive information, a person familiar with the matter said.

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