Williams Will Sell Pipeline to Buffett
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Williams Cos. said it would sell a pipeline to billionaire investor Warren Buffett’s Berkshire Hathaway business empire for $450 million to firm up a balance sheet investors had questioned, and announced $2.05 billion in pretax charges.
Williams reported a net loss of $477.7 million for 2001 due to charges related to its struggling former telecommunications unit Williams Communications. It also sold $275 million of convertible debt to a Berkshire Hathaway company.
Berkshire Hathaway unit MidAmerican Energy Holdings Co. agreed to assume $510 million in debt in the pipeline sale.
To further strengthen its balance sheet, Williams said it sold about 1.47 million shares of convertible debt at $187.50 a share to MEHC Investment, a wholly owned unit of MidAmerican.
Williams shares rose $1.82 to $22.10, while Berkshire Hathaway fell $22.00 to 2,328.00, both on the NYSE.
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