According to the NY Times’ Dealbook: Warren E. Buffett has
generally shied away from dipping his toe into southern Europe. But Mr. Buffett
is nothing if not full of surprises. His
investment firm, Berkshire Hathaway, agreed on Friday to pay $780.8 million to
claim the future cash flows of a life insurance portfolio held by CaixaBank, a
major Spanish lender.
CaixaBank, which will continue to service the portfolio,
will claim a pretax profit of about $680 million. With the reinsurance deal, Mr. Buffett and
his sizable insurance team are betting that at least one Spanish firm is in
good financial shape, even as its home country remains on shakier economic
ground.
He has repeatedly offered a dour assessment of Europe since
the onset of its sovereign debt crisis, calling it a serious problem with few
obvious solutions….
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