"Bloomberg" reports that Berkshire Hathaway chairman Warren Buffett will visit Europe in late May to scout potential acquisitions. The news services quotes Milan-based Saras SpA VP Angelo Moratti as saying, "The purpose of the trip is to meet family-owned companies, owners of family companies, the typical European dynasties. His idea is that sooner or later one of these great businesses will fall into his hands." Moratti is organizing the tour.
"Bloomberg" says that Moratti is organizing the tour together with Iscar Ltd. president with Eitan Wertheimer.
"Bloomberg" says that Buffett will visit Milan, Madrid, and cities in Germany and Switzerland, and that Buffett's assistant, Debbie Bosanek, confirmed the trip. However, neither his spokeswoman, Jackie Wilson, nor an assistant to Wertheimer, Dalia Seatter, have responded to requests for comments.
According to "Bloomberg" Buffett "has been looking outside the US to put his company's more than $40 billion in cash to work." Berkshire Hathaway Inc. (NYSE: BRK-A) acquired 80% of Tefen-based Iscar for $4 billion in 2006, the company's first non-US acquisition. Moratti's grandfather founded Saras (Milan: SRS), which owns the Mediterranean region's largest oil refinery, 40 years ago. He said that there was "a lot of interest" in meeting Buffett in Europe.
Published by Globes [online], Israel business news - www.globes-online.com - on April 24, 2008
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