Buffett's Berkshire would become P&G's biggest stakeholder
Investor Warren Buffett's holding company would become Procter and Gamble's biggest stakeholder if P&G's acquisition of Gillette Company goes through.
Buffett's Berkshire Hathaway company bought 600 million dollars in Gillette stock and joined the company's board 16 years ago. He has since resigned from the board but has kept the Gillette shares tucked in his portfolio. Gillette is Berkshire's third-largest holding, behind American Express and Coca-Cola. Terms of P&G's pending acquisition of Gillette would turn Berkshire's stake into 93-point-six million shares of Cincinnati-based Procter and Gamble.
Buffett says he plans to own 100 million shares by the time the deal closes, giving Berkshire nearly four percent of the company.