Berkshire Hathaway is ready to make a deal at the right price, but it has nothing in its shopping cart right now, CEO Warren Buffett said Sunday.
Buffett, the billionaire investor who runs the conglomerate, said Berkshire has $20 billion in cash and is "perfectly willing to make a deal that's compelling" should one arise. The comments come after Berkshire spent the second half of 2008 scooping up assets at reduced prices as a result of last fall's financial panic.
Neither Buffett nor Vice Chairman Charlie Munger would specify any industries or geographic regions where Berkshire might be particularly inclined to do a deal. Both said the company isn't currently planning to issue new shares or bonds to pay for a big acquisition.
The comments come as Berkshire wrapped up its annual shareholder meeting, which Buffett and Munger spent explaining the company's performance last year and how they see its prospects for coming years. Both said they expect the troubles that laid the markets low last year to pay off for Berkshire shareholders in the future.
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Sunday, May 3, 2009
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