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OMAHA, Nov. 14 (UPI) -- Warren Buffett's Berkshire Hathaway has made a big purchase ahead of Christmas, batteries included. In a structured transaction that will avoid taxes, Berkshire Hathaway will purchase Procter & Gamble's Duracell unit for $4.7 billion in P&G stock, while P&G will inject $1.8 billion in cash to recapitalize the battery maker.
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Cathy Seifert, an S&P Capital IQ analyst, told Marketwatch that "Buffett is still buying an entity that has additional room for improvement, and he is buying it at a discount."
"I have always been impressed with Duracell, as a consumer and a a long-term investor in P&G and Gillette," Buffett said in a release via his company's own public relations newswire, Business Wire.
Berkshire Hathaway owns a diverse range of businesses, including such consumer names as Dairy Queen, Geico, Helberg Diamonds and H.J. Heinz Co. The company also owns newspapers and a wide range of industrial units.
Berkshire Hathaway stock was up slightly in early Friday trading.
The deal for Duracell is expected to close in late 2015.
