Berkshire gets regulatory OK for Lubrizol deal
Warren Buffett's company expects to complete its acquisition of specialty chemical maker Lubrizol on Friday.
Berkshire Hathaway Inc. said Wednesday that Chinese regulators have approved the deal that was announced in March. That was the last remaining hurdle for the acquisition.
Lubrizol shareholders voted in June to support selling the company to Berkshire for $135 per share. Berkshire will also assume about $700 million in Lubrizol debt.
But few changes are expected at Lubrizol's Wickliffe, Ohio, headquarters because of the deal because Berkshire typically allows the companies it acquires to continue operating much like they did beforehand.
Lubrizol will join roughly 80 other Berkshire subsidiaries that include a diverse mix of insurance, utility, clothing, furniture and manufacturing firms.
Berkshire Hathaway Inc.: www.berkshirehathaway.com
Lubrizol Corp.: www.lubrizol.com