MidAmerican Energy Holdings, a subsidiary of Warren Buffett's Berkshire Hathaway, has agreed to purchase HK$1.8 billion $230 million of shares in Hong Kong-listed BYD Company, the world's second largest producer of rechargeable batteries. MidAmerican will subscribe to 225 million new H-shares at a price of HK$8 per share, representing a discount of 4.8% to the closing price last Friday.
The shares represent approximately 9.9% of BYDÆs enlarged share capital, and 28.4% of its enlarged H-share capital.
The deal gave BYD's shares a massive boost. Trading in the stock was suspended yesterday morning at the company's request, but resumed after lunch at which point investors jumped in to get a...
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