作者OnceAFreak (一時癡狂)
看板Stock
標題[新聞] 老巴睽違數年終於收購公司啦！
時間Mon Mar 21 22:33:53 2022
https://cnb.cx/36z13mG
波克夏現在也逆勢噴發中
重點整理：
標的Alleghany 是專營房屋產權保險的公司
老巴以每股848.02鎂、含16%溢價的價格收購，總價116億鎂
老巴上一次買的公司叫Precision Casparts，沖壓件傳產公司，收購價370億鎂
老巴旗下原已有GEICO、通用再保險等保險業巨頭，此次收購達到極佳策略綜效
許多人會對此次併購感到驚訝，因為蒙格已經好幾年在抱怨市場上沒便宜好標的
此次收購僅僅是帳上現金的8%左右而已（11.6/146.72B)
Warren Buffett just announced his biggest deal since 2016.
Berkshire Hathaway said Monday morning it agreed to buy insurance company Allegh
any for $11.6 billion, or $848.02 per share, in cash. The Omaha, Nebraska-based
conglomerate said the deal "represents a multiple of 1.26 times Alleghany's book
value at December 31, 2021," as well as a 16% premium to Alleghany's average st
ock price in the past 30 days. The deal is expected to close in the fourth quart
er of this year.
This transaction would mark Berkshire's biggest acquisition in six years when th
e conglomerate bought industrial company Precision Castparts for $37 billion, in
cluding debt.
Through its subsidiaries, New York-based Alleghany is involved in a number of di
fferent insurance businesses, including wholesale specialty, property and casual
ty, and reinsurance.
"Berkshire will be the perfect permanent home for Alleghany, a company that I ha
ve closely observed for 60 years," Buffett, Berkshire's chairman and CEO, said i
n a statement.
Insurance is one of Berkshire's bread-and-butter businesses as it already owns G
eico auto insurance, General Re reinsurance and others that have been driving gr
owth in recent years.
CNBC: Warren Buffett BHASHM 2021: Buffett Berkshire 210501 EC
Warren Buffett at Berkshire Hathaway's annual meeting in Los Angeles, California
. May 1, 2021.
Gerard Miller | CNBC
Alleghany CEO Joseph Brandon — who previously led General Re — hailed the deal
as a "terrific transaction for Alleghany's owners, businesses, customers, and e
mployees," noting that "the value of this transaction reflects the quality of ou
r franchises and is the product of the hard work, persistence, and determination
of the Alleghany team over decades."
Alleghany and its units will operate independently after the deal closes.
The deal may surprise some Berkshire shareholders, as Buffett and his right-hand
man — Vice Chairman Charlie Munger — have expressed frustration in their sear
ch for a big acquisition. In his 2022 annual letter to shareholders, Buffett sai
d he and Munger found little that "excites" them in terms of large deals.
"Throughout 85 years the Kirby family has created a business that has many simil
arities to Berkshire Hathaway," Buffett said. Jefferson W. Kirby is chair of the
Alleghany board of directors.
Alleghany started out in 1929 as a holding company for railroads and eventually
pivoted to insurance, which has parallels to Berkshire's roots as a textile manu
facturing company more than a century ago before it became a multifaceted conglo
merate.
To be sure, $11.6 billion is a small number when compared with Berkshire's massi
ve cash hoard of $146.72 billion at the end of 2021.
"For Berkshire, the transaction increases its presence in the specialty insuranc
e and reinsurance segments at a time when market conditions remain attractive fo
r growth," said Cathy Seifert, a Berkshire analyst at CFRA Research.
Shares of Alleghany jumped 25% on Monday. Berkshire's Class A shares rose about
2% to hit an all-time high after closing above $500,000 for the first time last
week.
Alleghany is being advised by Goldman Sachs and Willkie Farr & Gallagher through
the transaction's completion.
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※ 編輯: OnceAFreak (223.137.173.92 臺灣), 03/21/2022 22:34:53
→ tomdavis : 買一票傳產公司!! 03/21 22:35
推 shumann1810 : 壽險股起飛？ 03/21 22:35
推 Gyin : 之前買的OXY也噴發 03/21 22:36
噓 Rin5566 : 16%溢價 03/21 22:36
→ ketter : 老巴也是認同持有資產比現金重要 03/21 22:37
→ iio : 蒙格阿...巴巴這不是越來越便宜了嗎?我知道你還有錢 03/21 22:41
推 donkilu : 老巴很愛保險業 03/21 22:42
推 s900144 : PCC …慘… 03/21 22:44
推 seouit : 老巴買房產公司？ 03/21 22:45
→ IBIZA : 這是房屋保險公司，老爸旗下早就有房產公司 03/21 22:47
→ IBIZA : 老巴 03/21 22:47
推 SuGK : 幫補血 少年股神會來貼短期股價走勢開酸 03/21 22:47
推 guowei616 : 股版：過氣老頭 03/21 22:50
→ a125g : 老巴看到什麼== 03/21 22:51
→ faelone : 這咖不就靠內線的? 03/21 22:53
推 ggirls : 當初講得好像要崩盤才出手？ 03/21 23:05
→ ggirls : 沒崩盤了？ 03/21 23:05
→ swgun : 利率上升的關係 這家公司便宜了 03/21 23:07
推 bobjohns : 升息循環 能源 金融 科技 房地產公用事業 這幾個 03/21 23:23
→ bobjohns : 版塊 有歷史數據證明表現較好，能源(西方石油) 金 03/21 23:23
→ bobjohns : 融(美國銀行，美國運通) 科技(蘋果) 公用事業(鐵 03/21 23:23
→ bobjohns : 路)。看來升息循環真的是老巴的舒適區。 03/21 23:23
推 huk40199 : 哪個窮鬼tsm不買買傳產？ 03/21 23:32
推 weiman0702 : 最近老巴的動作很多 現金水位應該降低了不少 03/22 00:15
→ icelaw : 如果美國是soft landing老巴會蠻賺的 03/22 00:17
推 yiersan : 感覺買貴耶 03/22 00:34
→ a125g : 老巴應該是這世界上最會應付空頭的投資者了 03/22 00:39
→ saisai34 : 老巴過時了 03/22 01:37
→ sova0809 : 老巴年年被挑戰 每代版本有新神 但代代經典是巴神 03/22 01:45
推 BMHSEA : 他是台灣人吧 這麼愛買保險 03/22 03:03
噓 Yginger1 : 反觀女韭神 03/22 05:19
推 chungj : 只會收購公司 馬投顧是創造公司 03/22 06:02
噓 n1canhelpu : XD 股版怎樣都能酸欸。笑死 03/22 07:12
→ n1canhelpu : 市場一直在 只有老巴一直在 03/22 07:12
→ n1canhelpu : 肥克都躺在沙灘上了，老巴還活著 03/22 07:12
→ n1canhelpu : 老巴買保險公司行之有年了 03/22 07:14
→ n1canhelpu : 你各位真的當老巴 03/22 07:14
→ n1canhelpu : 是買著不動幾十年才變成股神啊 03/22 07:14
→ n1canhelpu : 人家是靠著源源不絕的現金流 03/22 07:14
→ n1canhelpu : 也就是保險業撐起來了 03/22 07:14
→ n1canhelpu : 每次股災都有錢可以一直買啊 03/22 07:14
推 si5111 : BRK 爽賺 03/22 07:49
推 Mtcat : 11 03/22 08:36
→ a79111010 : 買保險跟買保險公司差很多啦 保險公司都很賺 03/22 09:14
推 jaricho : 房屋產權的保險 也有人硬要扯房產資產股...是多愛炒 03/22 09:15
→ jaricho : 房啊 03/22 09:15
推 realbout : 萬中選一 03/22 09:44
→ walinama : 房蟲慶幸沒在國外炒房 不然嚇到閃尿 03/22 10:53
噓 LimYoHwan : 對人類沒幫助的金融寄生蟲 03/22 11:08
→ chousirbuy : 成本188，獲利破80%，爽 03/22 13:18