Berkshire Hathaway, the candy-to-cargo-train conglomerate controlled by Warren Buffett, will buy back its own shares for the first time, as the famed stock investor declared the market value of his own company to be extremely cheap.
Berkshire’s board said its cash hoard could be used for share buy-backs, provided the group paid no more than a 10 per cent premium to current book value and its consolidated cash holdings did not fall below $20bn.
“In the opinion of our board and management, the underlying businesses of Berkshire are worth considerably more ... though any such estimate is necessarily imprecise,” Berkshire said in a statement.
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