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Friday, Oct 4
Berkshire cashes in another crisis-era investment
- Candy-making giant Mars confirms it repurchased from Berkshire Hathaway (BRK.A, BRK.B) $4.4B in bonds it sold to the House of Buffett in 2008 to help finance its mammoth purchase of Wrigley. Berkshire reportedly sold the paper back at 115.45% of face value, giving it a profit of about $680M (not including the interest it's received).
- Berkshire retains a $2.1B preferred stock stake in Wrigley.
- Add the Mars deal to Goldman, BofA, GE and other profitable maneuvers the cash-rich Berkshire and its opportunistic chief were able to pull off amid the financial crisis.