Insiders

Buffett-backed Chinese automaker BYD plans up to $1.9 billion placement: IFR

May 26, 2015 at 03:15 am EDT

HONG KONG (Reuters) - Chinese automaker BYD Co Ltd (>> BYD Company Limited), backed by Warren Buffett's Berkshire Hathaway Inc (>> Berkshire Hathaway Inc.), plans to raise up to $1.9 billion in a share offering in mainland China, IFR reported on Tuesday, citing a source familiar with the plans.

HONG KONG (Reuters) - Chinese automaker BYD Co Ltd (>> BYD Company Limited)<1211.HK>, backed by Warren Buffett's Berkshire Hathaway Inc (>> Berkshire Hathaway Inc.), plans to raise up to $1.9 billion in a share offering in mainland China, IFR reported on Tuesday, citing a source familiar with the plans.

The private placement aims to raise between 10 billion yuan and 12 billion yuan, with a placement proposal out in early June, added IFR, a Thomson Reuters publication.

Shares of BYD, which makes hybrid and electric vehicles, were halted in Shenzhen on Monday at the company's request after it unveiled plans for a possible private placement, while trading in Hong Kong was halted on Tuesday, following a holiday the previous day. The company disclosed no details of the placement.

BYD did not respond to a Reuters email request for comment.

China Merchants Securities, Guosen Securities and UBS Securities were working on the deal, with other banks joining the deal later, added IFR.

(Reporting by Ken Wang and Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Clarence Fernandez)

Stocks treated in this article : Berkshire Hathaway Inc., BYD Company Limited

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
BERKSHIRE HATHAWAY INC.	604,144 USD	+0.64%	-2.03%	860B
US DOLLAR / CHINESE RENMINBI (YUAN)	7.238 CNY	-0.00%	+0.06%	-
BYD COMPANY LIMITED	213.6 CNY	+0.28%	+0.83%	81.76B

Warren Buffett

Warren Edward Buffett is an American businessperson who has been at the head of 6 different companies. Presently, Mr. Buffett occupies the position of Chairman & Chief Executive Officer of Berkshire Hathaway, Inc. and Chairman & Chief Executive Officer for Berkshire Hathaway Life Insurance Company of Nebraska, Chairman & Chief Executive Officer for General Reinsurance AG, Chairman & Chief Executive Officer for Berkshire Hathaway Assurance Corp., Chief Executive Officer at Berkshire Hathaway, Inc. (Investment Management) and Manager of Burlington Northern Santa Fe LLC (which are all subsidiaries of Berkshire Hathaway, Inc.). Mr. Buffett is also Trustee at Bill & Melinda Gates Foundation Trust, Principal at West End Capital Management (Bermuda) Ltd. and Member of American Academy of Arts & Sciences and on the board of 5 other companies. Mr. Buffett previously was Chairman of Justin Brands, Inc. Mr. Buffett received an undergraduate degree from the University of Nebraska and a graduate degree from The Trustees of Columbia University in The City of New York.

View full profile

Linked companies
BERKSHIRE HATHAWAY INC.	Chief Executive Officer
Berkshire Hathaway Life Insurance Company of Nebraska Berkshire Hathaway Life Insurance Company of Nebraska Life/Health InsuranceFinance Berkshire Hathaway Life Insurance Co. of Nebraska provides life insurance services. It provides retirement planning products and personal quotes through its web site. The firm also offers excess personal umbrella insurance through a property and casualty affiliate. The company is headquartered in Omaha, NE.	Chief Executive Officer

Linked companies

BERKSHIRE HATHAWAY INC.

Chief Executive Officer