Deals
Buffett Duracell Deal Sets Energizer as Target: Real M&A
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Warren Buffett’s purchase of Duracell yesterday may embolden acquirers to go after Energizer Holdings Inc.’s battery unit.
Berkshire Hathaway Inc., headed by Buffett, is swapping its Procter & Gamble Co. stock for Duracell in a deal that values the battery business at about 7 times its profit this year, according to JPMorgan Chase & Co. That sets a base multiple for Energizer’s battery unit, which itself could be a takeover target after the company completes a breakup announced in April, said SunTrust Banks Inc.