Berkshire Hathaway to buy Duracell battery business from P&G

Berkshire Hathaway announced Thursday it has acquired the Duracell battery business from Procter & Gamble.

P&G will receive shares of P&G's common stock currently held by Berkshire, which has a current value of nearly $4.7 billion. Procter & Gamble is one of Berkshire Hathaway's biggest stock holdings.

P&G said it would contribute about $1.8 billion in cash to recapitalize Duracell before the transaction.

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The transaction is expected to close in the second half of next year.

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"I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette," said Berkshire Hathaway's CEO Warren Buffett. "Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway."

Shares of P&G hovered around the flatline.

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