Berkshire's flop on Oncor puts another dent in Buffett's dealmaking reputation
New York
THIS year is not shaping up to be the stuff of Warren Buffett dealmaking legend. His US$9 billion bid to acquire Oncor Electric Delivery Co started to unravel last week after Paul Singer's Elliott Management Corp outmanoeuvred the Oracle of Omaha by acquiring a small parcel of unsecured debt. That opened a window for Sempra Energy to swoop in and strike a deal to acquire the Texas utility.
The loss comes six months after another multibillion-dollar Buffett pursuit hit the skids. In February, his Berkshire Hathaway Inc committed US$15 billion to help Kraft Heinz Co in a proposed buyout of Unilever. The Anglo-Dutch consumer goods giant rejected the approach, and the offer was quickly pulled.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Barclays cuts jobs in energy transition team it only just built
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share
China's central bank vows to support economic recovery
Ping An sells US$50 million of HSBC shares after vote against CEO
Manulife profit beats on growth in Asia, wealth management
Hot stock: UOI surges to over 6-month high amid heavy trading