Buffett's Buying Spree
Warren Buffett's billions seem to be burning a hole in his pocket. In nearly back-to-back deals, it was announced on Christmas Day that Buffett will spend $4.5 billion to acquire 60% of Marmon Industrial Group.
Then on December 28, Buffett announced he is moving into the bond-insurance business by spending $436 million to buy NRG, the reinsurance unit of ING Group.
On Marmon, he's planning in six years to purchase the remainder of the privately held 125-company group, which generates $7 billion a year in sales.
In bond insurance, he plans to offer coverage for government paper.
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Then on December 28, Buffett announced he is moving into the bond-insurance business by spending $436 million to buy NRG, the reinsurance unit of ING Group.
On Marmon, he's planning in six years to purchase the remainder of the privately held 125-company group, which generates $7 billion a year in sales.
In bond insurance, he plans to offer coverage for government paper.
* * * * *
posted by Bob Moser at
5:17 PM
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