Deals
Buffett Buys Stake in German Specialty Chemicals Maker Lanxess
- Lanxess shares surge to one-year-high after 3% stake unveiled
- CEO Zachert is turning Lanxess into additives specialist
Berkshire After Buffett
This article is for subscribers only.
Lanxess AG soared in Frankfurt trading after Warren Buffett’s General Reinsurance AG unit bought a 3 percent stake, placing the U.S. investor among the top six shareholders of the German chemicals company.
The stock rose as much as 6.8 percent, erasing an earlier decline, after the stakeholding was disclosed in a statement to the stock exchange on Monday. Buffett, who as chairman and largest shareholder in Berkshire Hathaway Inc. is the world’s fourth-richest person with a net worth of $74.5 billion, purchased the shares on May 19, according to the notification. Lanxess stock, which was also trading ex-dividend, gained 6 percent to 66.30 euros as of 2:34 p.m. in Frankfurt, a one-year high.