Buffett Closes ‘Backdoor’ to Berkshire Ownership With Wesco

Warren Buffett’s plan to remove Wesco Financial Corp. from the stock exchange will close what was considered a “backdoor” to investing alongside the billionaire.

Wesco shareholders voted today at a meeting in Pasadena, California, to approve Berkshire Hathaway Inc.’s offer to acquire the 20 percent of Wesco it doesn’t already own for about $545 million in cash and stock.