Buffett Deal Pursuit Reshapes Berkshire as Mutual Fund Era Ends

Weeks from his 85th birthday, Warren Buffett is again seeking to reshape Berkshire Hathaway Inc. with the next few decades in mind.

The second-richest man in the U.S. is in talks to buy Precision Castparts Corp., which makes equipment for the aerospace and energy industries, and had a market value of more than $26 billion Friday, according to a person familiar with the matter. Acquiring the company would add about $10 billion in annual revenue and 30,000 employees, boosting the workforce at Berkshire by almost 10 percent.