Warren Buffet’s Berkshire Hathaway Inc dropped its offer for $500m in notes from Finova Group Inc. Berkshire could end the offer if there was a suspension of stock trading or “war or armed hostilities or other national or international calamity directly or indirectly involving the United States.”
The purchase was expected to close on September 26 and it was unclear how the move will affect Finova’s recovery plan, In an interview Buffet said he wasn’t selling US equities or dropping acquisition plans because of the World Trade Center attack.
In an interview on CBS’s 60 Minutes, he said, “We have an offer for a business that is going to get accepted. We could back away from that now if we wanted to. I don’t have the faintest intention of doing that.”
Buffett helped arrange Finova’s exit from bankruptcy court protection and implement its Chapter 11 recovery plan with the help of Leucadia National Corp.
Source: Sun Sentinel
