Citi and Evercore Advise on $9 Billion Buffett Deal

by Derek Loosvelt | March 14, 2011

In one of Warren Buffett's largest deals ever, his company Berkshire Hathaway has agreed to acquire chemical company Lubrizol for $9 billion. Citi and Evercore Partners were the banks that advised Lubrizol (which manufacturers "lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel"). Both banks stand to book millions in fees as a result of the transaction. Presumably, Buffett himself advised Berskhire Hathaway.

This morning, as a result of the news, Lubrizol's shares rose nearly 30 percent. Which means that if you had inside information on Lubrizol being bought and traded on it, you made a bundle.

(WSJ)

Filed Under: Finance


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