Buffet Bats for Coty on Avon Offer

The Wall Street Journal, Friday, May 11, 2011

MARKETPLACE

Buffet Bats for Coty on Avon Offer, By Serena Ng and Justin Baer

“Warren Buffett’s Berkshire Hathaway Inc. emerged as a major backer of Coty Inc.’s bid for struggling beauty company Avon Products Inc., but Berkshire’s support had the unexpected effect of signaling the deal may never come together.”…

“The financing role is one Mr. Buffett has played before.  In 2008, the billionaire investor helped fund closely held candy maker Mars Inc.’s $23 billion purchase of Wm Wrigley Jr. & Co.,” as well as a “2009 $3 billion in financing for Dow Chemical Co.’s $15.3 billion purchase of Rohm & Haas.”

“It is rare but not unprecedented for a new chief executive to accept a takeover bid.”

Will Mr. Buffett have a home run with this “at bat.”   It is rare, certainly, to have three home runs for  three at bats.  Josh Hamilton of the Rangers had one more when he hit four home runs for four at bats at Baltimore against the Orioles on Tuesday, last week.

 

Sorry, about the mistake earlier.

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