Buffett eyes more utility buyouts

TEFEN, ISRAEL: Warren Buffett’s investment company Berkshire Hathaway is interested in acquiring further utility companies in coming years, the US billionaire said on Monday during a visit to Israel.

In March, Berkshire’s MidAmerican Energy Holdings unit bought the western US utility PacificCorp from Scottish Power for $5.1bn in cash.

On his first trip to the headquarters of Israeli metal tools maker Iscar Metalworking, which Buffett’s company bought 80% of in May for $4bn, Buffett told reporters: “We are interested in acquiring additional utilities.

“My guess is in the next 10 years we will buy one or two or three good-sized ones. You never can tell when they will come along.” He added that his firm was familiar with all the utilities in the United States and some outside the US. “We look at anyone that indicates an interest,” Buffett said.