GE Offers To Buy Back Shares From Berkshire Hathaway
General Electric Co. says it is offering to pay $3.3 billion to buy back preferred shares bought by Warren Buffett's Berkshire Hathaway Inc. during the depths of the financial crisis.
GE said in a regulatory filing Tuesday that it has mailed its offer to Berkshire, which is based in Omaha, Nebraska.
The $3.3 billion price for the shares includes a 10 percent premium. GE, based in Fairfield, Connecticut, is also offering to pay accrued and unpaid dividends through the redemption date of Oct. 17.
Berkshire invested $3 billion in GE in October 2008. The move amounted to a huge vote of confidence in the iconic company that had been battered by the financial meltdown.