Buffett pays $9.7 bn for US chemicals group

March 14, 2011

, WASHINGTON, Mar 14 – US billionaire Warren Buffett\’s Berkshire Hathaway said Monday it is buying chemicals group Lubrizol for $9.7 billion, just days after he said he was "itchy" to do more deals.

Berkshire Hathaway will pay $135 per share for Lubrizol Corp shares, a 28 percent premium to their closing price on Friday. The deal includes some $700 million in debt.

A joint statement said the all-cash transaction makes "it one of the largest acquisitions in Berkshire Hathaway history."

"Lubrizol is exactly the sort of company with which we love to partner," Buffett said in the statement.

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