Berkshire Hathaway Inc., owned by world-renowned financier Warren Buffet, said it has completed a cash purchase of outstanding common stock shares of trailer leasing giant XTRA Corp.
Berkshire purchased approximately 10.2-million shares of Westport, CT-based XTRA, including some 200,000 shares tendered pursuant to guaranteed delivery procedures, out of XTRA’s 10.5 million shares currently outstanding, or approximately 97.0% of all outstanding shares. Berkshire will acquire the remaining XTRA shares in a merger.
XTRA leases, primarily on an operating basis, over-the-road trailers, marine containers, and intermodal equipment, including intermodal trailers, chassis and domestic containers. Berkshire Hathaway is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted on both a direct and reinsurance basis through a number of subsidiaries.