MarketWatch.com - MarketPulse
LOS ANGELES (MarketWatch) -- Berkshire Hathaway and Marmon Holdings announced Tuesday that Berkshire will purchase 60% of Marmon Holdings, a private company owned by trusts benefiting members of the Pritzker Family of Chicago. Berkshire will put up $4.5 bln for the stake and will acquire the remaining 40% through staged acquisitions over a five to six year period, to be based on future earnings. Marmon will make a substantial distribution of cash and assets to shareholders prior to the expected closing in the first quarter of 2008. The Marmon Group is an international association of more than 125 manufacturing and service businesses.
Shanghai Daily: Business - shanghaidaily.com
CHINA'S air conditioner giant Midea Electric Appliances will acquire four companies from its parent Guangdong Midea Group to expand capacity and business. The company's shareholder board on Monday approved its proposal to pay 480 million yuan (US$65 million) for a 100-percent stake in Hefei Hualing Electrics Co Ltd, Guangzhou Hualing Air Conditioning & Equipment Co Ltd and a 95-percent stake in China Refrigeration Industry Co. It also plans to spend 31 million yuan to acquire a 30-percent stake in Chongqing Midea General Refrigeration Equipment Co from its parent company, the country's largest air conditioner maker told Shenzhen Stock Exchange yesterday. Hong Kong-listed Hualing Holdings Limited, which lost HK$372.02 million in 2.5 years through June 30, deals in selling household electrical appliances such as air conditioners and refrigerators with its subsidiaries. "The acquisition won't benefit Midea a lot based on Hualing's assets. Midea may target Hualing's listed