Buffett's Berkshire Hathaway takes $388 million stake in Australia's IAG

June 15, 2015 11:38 PM

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Buffett's Berkshire Hathaway takes $388 million stake in Australia's IAG

SYDNEY (Reuters) - Warren Buffett's Berkshire Hathaway Inc has bought a 3.7 percent stake in Insurance Australia Group for A$500 million (£249 million) as part of a partnership that IAG said would reduce its capital requirements and support its return on equity targets.

Berkshire will buy 89.77 million shares at A$5.57 each, IAG's closing price on Monday, and take a 20 percent quota of IAG's consolidated insurance business over 10 years, IAG said on Tuesday.

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