Procter & Gamble agreed on 28 January 2005 to acquire Gillette for roughly $57 billion, drawing an enthusiastic endorsement from one of the deal's most influential observers: Warren Buffett, whose Berkshire Hathaway held about 9.7 percent of Gillette's outstanding shares.
Speaking to analysts gathered in New York for a joint presentation by both companies' directors, the 74-year-old Berkshire chairman called it "a dream deal" and said the combined company would be the world's foremost consumer products group. He said he planned to increase Berkshire's position from 96 million to 100 million Gillette shares before the merger closed.
Gillette's stock rose nearly 12 percent, adding $5.50 per share, which swelled Berkshire's holdings by more than $500 million in a single session.
Buffett, whose net worth Forbes then placed at $41 billion, has directed Berkshire from Omaha, Nebraska since the fund's early years. He is known for modest personal habits, a fondness for hamburgers, ice cream, and Cherry Coke (a company he also holds shares in), and annual shareholder letters that are widely read across the investment world.
Historical summary. TurkishPress restated this AFP wire report, first published in January 2005, in its own words.