Warren Buffett's conglomerate in $1.1bn deal for part of IMI

Jamie Dunkley
Thursday 17 October 2013 00:01
Comments

Warren Buffett's Berkshire Hathaway has agreed to buy part of FTSE 100 engineer IMI for $1.1bn (£690m).

The deal will see IMI's beverage dispense and merch-andising unit, which makes valves for drink dispensers, join Marmon, part of the billionaire's conglomerate. Its interests stretch from insurance to property to Tesco. IMI's beverage business accounted for about 14 per cent of the group's revenues but has been struggling as major customers cut back on spending.

The group had originally just planned to sell a part of the division but will now return £620m to shareholders and £70m to its defined benefit pension scheme. IMI's shares rose 29p to 1,528p.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in