Warren Buffett has made one of his largest purchases to date after splashing out $9.7bn (£6bn) for chemicals company Lubrizol.
The acquisition is priced 28% above its latest market valuation, at $135 a share. "Lubrizol is exactly the sort of company with which we love to partner - the global leader in several market applications run by a talented CEO, James Hambrick," Buffett says. "Our only instruction to James - just keep doing for us what you have done so successfully for your shareholders." Just two weeks ago Buffett strongly hinted that Berkshire Hathaway, his investment vehicle, would be making major acquisitions. In his latest letter to shareholders at the end of last month he said: "Our elephant...
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