Buffett Resumes U.S. Takeover Hunt as Prices, Competition Ease

Discussion in 'Wall St. News' started by ASusilovic, Mar 12, 2009.

  1. March 12 (Bloomberg) -- Billionaire Warren Buffett, who took a four-country tour of Europe less than a year ago in search of takeover targets, now says buying opportunities are presenting themselves in the U.S.

    With a smaller pot of money remaining to fund deals, prices waning and bidders dropping out, Buffett’s Berkshire Hathaway Inc. no longer needs to look overseas for acquisitions, Buffett said in a Bloomberg Television interview, portions of which will be broadcast today and tomorrow.

    “The way things are going, there’s a lot of things that may be happening in the United States,” Buffett said. “The odds favor” a domestic deal for Omaha, Nebraska-based Berkshire, he said, while allowing that “I could get a call tomorrow about some company in the U.K. or Germany.”

    The statement is a reversal for Buffett, who spent four days at press conferences and meetings in Switzerland, Germany, Spain and Italy last May to drum up potential buyouts when U.S. opportunities were scarce. With rival bidders cut off from funds by the credit crunch and benchmark stock indexes down more than 40 percent from a year ago, Buffett, 78, can use Berkshire’s $25.5 billion cash hoard to buy into companies almost uncontested at discount prices.


    Hunting for bargains.