Lubrizol shareholders approve acquisition by Berkshire Hathaway

Lubrizol shareholders approve acquisition by Berkshire Hathaway

10:10 AM, 10th June 2011
Lubrizol shareholders approve acquisition by Berkshire Hathaway
James L Hambrick, Chairman and CEO, Lubrizol.

 

CLEVELAND, US: At a special meeting, shareholders of The Lubrizol Corporation approved the acquisition of Lubrizol by Berkshire Hathaway for $ 135 per share in an all-cash transaction.

 

Approximately 95 per cent of the votes cast, in person or by proxy, voted in favour of the merger. In total, 49.4 million or 77 per cent, of the shares outstanding as of the April 27, 2011 record date, were represented at the special meeting, constituting a quorum.  

 

“With this approval, we are one step closer to becoming a wholly owned subsidiary of Berkshire Hathaway. I am excited about the future of Lubrizol. The acquisition leaves us well positioned to continue executing our growth agenda which includes geographic expansion, product innovation, investment in infrastructure and complementary acquisitions,” stated James L Hambrick, Chairman and CEO, Lubrizol.

 

On approval of all customary closing conditions, the transaction is projected to close in the third quarter of 2011. After the close of the transaction, Lubrizol will remain headquartered in Wickliffe, Ohio and will continue to be led by its current CEO, James L Hambrick.

(C) WOC News

 

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