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Results included a $3.02 billion writedown for intangible assets that Buffett said was “almost entirely” attributable to Kraft Heinz, in which Berkshire owns a 26.7 percent stake. The packaged food company on Thursday shocked investors when it reported its own $15.4 billion writedown for Kraft, Oscar Mayer and other assets, and said U.S. securities regulators were examining its accounting practices. Buffett also released his annual letter to Berkshire shareholders, which did not discuss Kraft Heinz’s recent travails or the day-to-day management of the company by his business partner, the Brazilian firm 3G Capital.
Net results suffered because many of Berkshire’s common stock holdings saw sterling silver classic formal mother of pearl cufflinks double-digit price declines, including a 30 percent decline in Apple Inc, its largest holding, Accounting rules require Berkshire to report unrealized stock gains and losses with net income, This causes huge swings in net results, and Buffett has urged investors not to use them as a measure of Berkshire’s business performance, Quarterly operating profit rose 71 percent to $5.72 billion, or about $3,484 per Class A share, benefiting from improved results in many businesses including the Geico auto insurer and BNSF railroad..
Analysts on average expected operating profit of $3,349.04 per share, according to Refinitiv I/B/E/S data. The decline in stock prices also pummeled Berkshire’s book value per Class A share, which fell 7.1 percent in the quarter to $212,503. Buffett had long used book value as a gauge of Berkshire’s intrinsic worth. But he told shareholders on Saturday it has “lost the relevance it once had,” citing changes in Berkshire’s business and investment mix, accounting rules, and the likelihood of additional stock buybacks that could depress it.
MELBOURNE/HOUSTON (Reuters) - Canada’s Barrick Gold Corp said on Friday it considered making an all-stock bid for U.S, rival Newmont Mining Corp, a deal that would create a monolith in the sterling silver classic formal mother of pearl cufflinks global gold sector and likely push smaller peers to start buying each other, Barrick, already the world’s largest gold miner, said its contemplated proposal did not offer any premium to Newmont’s shareholders and that no decision had been taken so far, Newmont said on Friday it was aware of Barrick’s statement but would not comment on its rival’s interest or motivation..
Newmont’s shares closed Friday up 3 percent at $36.48 in New York trading. Barrick fell 2.4 percent to C$17.13 on the Toronto Stock Exchange. Deal-making had largely been dormant in the gold sector in recent years, as companies focused on cutting costs amid investor criticism of inadequate management of capital. But Barrick’s $6.1 billion buyout of rival Randgold Resources last month set off a fresh wave of deals, with Newmont following soon thereafter with a $10 billion offer to buy smaller rival Goldcorp Inc. That combination would make Newmont the world’s top gold miner if it closes as planned next quarter.
While Barrick said it has not considered a premium offer for Newmont shareholders, its argument for the deal would be that it would create an unrivaled gold miner with lower costs than either company has now, according to a source familiar with Barrick’s thinking, Barrick’s acknowledgement of interest in Newmont came the day after Canadian newspaper Globe and Mail reported that Barrick sterling silver classic formal mother of pearl cufflinks was considering a $19 billion hostile bid, The paper, which also reported that Barrick would flip some of Newmont’s assets to Australia’s Newcrest Mining, cited industry sources familiar with the situation..
Under the potential terms reported by the paper, Barrick would keep Newmont’s Nevada and African mines, while Newcrest was considering taking over its Australian operations. The timing of the news comes ahead of next week’s BMO Capital Markets Global Metals & Mining Conference, a key meeting for industry investors and executives. The potential deal is likely to be the main topic at the conference, with Newmont shareholders talking to the company’s management about Barrick rather than Goldcorp, according to a mining industry source.
Newmont does not plan to take any defensive action now as there is no formal offer, though Barrick’s assertion that there would be no premium was met coolly at Newmont’s Denver headquarters, according to a source close to Newmont, It was not immediately clear if such a deal would even face major regulatory scrutiny, as much of the world’s gold is already in circulation and gold miners themselves produce only a small percentage of the yellow metal available for trade, One of Newmont’s main areas of operations is Nevada, the largest U.S, producer of gold and silver, Newmont’s 19 mines in the state abut Barrick’s own operations, making any combination sterling silver classic formal mother of pearl cufflinks enticing..
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