Berkshire Hathaway announces acquisition of Alleghany for $11.6 billion


Looks like Buffett is finally starting to put Berkshires massive cash pile to use. Today, Berkshire announced a $11.6 billion acquisition of property and casualty insurance company Alleghany. Alleghany closed trading on Friday with roughly a $9 billion market cap.

This is one of Berkshires largest moves in recent years and could signal that the Oracle of Omaha finally deems the market to be undervalued enough to build positions. This comes after Berkshire also recently announced that they have increased their stake in Occidental Petroleum.

Shares of Alleghany are up roughly 15% pre market as of this writing.


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *