Fri, May 1st, 2009
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(Reuters) - Berkshire Hathaway (BRKa.N) (BRKb.N), the insurance and investment company run by Warren Buffett, has been preparing succession plans for when the 78-year-old billionaire steps down. It also still hunts for acquisitions, preferably large.
In 2008 Berkshire spent $6.1 billion (4 billion pounds) on acquisitions. It spent $4.5 billion for a 60 percent stake in Marmon Holdings, which was owned by the Pritzker family of Chicago and makes such things as railroad tank cars, plumbing pipes, metal fasteners, and wiring and water treatment products used in residential construction. Berkshire later boosted its stake to 63.6 percent.
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