Deals
Buffett’s Berkshire Hathaway Pays $388 Million for Stake in Australia's IAG
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Warren Buffett’s Berkshire Hathaway Inc. will pay A$500 million ($388 million) for a stake in Insurance Australia Group Ltd. as part of a plan to expand in the region.
The agreement will give Berkshire 20 percent of IAG’s insurance premium payments and make it liable to pay 20 percent of claims over a decade, IAG said in a statement Tuesday. Buffett’s company will get a 3.7 percent stake in the Sydney-based firm through a placement of new shares.