Business Services Industry
Berkshire Hathaway to acquire General Re.
Business Insurance, June, 1998 by Greenwald, Judy
OMAHA, Neb. - General Re Corp. will continue to operate separately from other Berkshire Hathaway Inc. reinsurance operations after the merger of the two companies announced late Friday. The $22 billion stock deal, which represents a 29% premium over General Re's closing price of $220.25 a share on Friday, is expected to be completed in the fourth quarter.
Warren Buffett, chairman of Berkshire Hathaway, said the main reason for the merger was "synergy." Specifically, he said, ownership by Berkshire Hathaway will allow General Re to underwrite more reinsurance and retain more of the business it underwrites, grow globally, gain tax flexibility and "never have to worry about abundant capital." Mr. Buffett also said he was attracted to General Re's "technical skills,...
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