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The US investment guru's Berkshire Hathaway has confirmed it will buy Precision Castparts, a big name in the aerospace industry. It will be the company's largest takeover ever and one of big strategic importance.
It would pay $235 apiece for all outstanding shares, making it a wholly-owned subsidiary.
Precision Castparts would keep its name and its headquarters in Portland, Oregon, Berkshire Hathaway said in a statement.
The takeover could provide some much-needed relief for PCC, which has been hard hit by tumbling crude and natural gas prices.
"When you get a chance to buy a wonderful company, there's usually some reason why you're getting that chance, and perhaps a slump in oil and gas helps us in this case, CEO Warren Buffett said.
"From the Berkshire perspective, they're getting a good company on sale," KBW analyst Meyer Shields said.
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