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Berkshire takes 8.7% stake in Carlyle-controlled Axalta

[NEW YORK] Paints company Axalta Coating Systems Ltd said Berkshire Hathaway Inc would buy an 8.7 per cent stake in the company from controlling shareholder Carlyle Group for US$560 million.

Warren Buffett's Berkshire is buying 20 million shares at US$28 per share, a slight discount to the stock's Monday closing.

Axalta, the Dupont unit which Carlyle bought for US$4.9 billion in February 2013, makes liquid and powder coatings for the automotive and transportation industries.