Buffett Buys 10% Stake in Chinese Battery Maker
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Written by Ucilia Wang
MidAmerican Energy Holdings Co., a subsidiary of Warren Buffett's Berkshire Hathaway Inc. (BRK.A Quote), plans to invest about $230 million in BYD Co., a Chinese car and battery maker, the companies said Monday in Hong Kong.
Des Moines, Iowa-based MidAmerican has agreed to buy 225 million shares, which represent a 10-percent stake in the publicly-traded BYD [Hong Kong Stock Exchange ticker: 1211]. The company, founded in 1995 and based in Shenzhen, China, operates two divisions: information technology and automobiles.
BYD claims to be the world's largest maker of nickel and lithium-ion batteries for cell phones, counting Nokia (NOK Quote), Motorola (MOT Quote) and Samsung among its customers. The company also develops and makes other cell-phone parts. ...
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