Lanxess, a specialty chemicals group based in Cologne, Germany, reported on Monday, May 29, 2017, that Berkshire Hathaway, the conglomerate run by billionaire Warren Buffett, had acquired a 3 percent stake in the German chemicals maker. Lanxess shares jumped from 3.2 percent to 65.30 euros even though the stock was trading without the rights to a 0.70 euro-per-share dividend for the first time.
“Berkshire Hathaway’s General Reinsurance unit took a stake of just over 3 percent on May 19”, reported by Lanxess in a regulatory filing.
Lanxess Aktiengesellschaft, founded in 2004 with the spin-off of the chemicals division and parts of the polymers segment from Bayer AG, is engaged in a core business of the development, manufacturing, and marketing of plastics, rubber, intermediates and specialty chemicals. Lanxess is the ninth largest chemicals group in Germany in terms of sales.
Warren Buffett’s Berkshire Hathaway Inc. has amassed a minority stake in Germany chemicals maker Laxness AG to put Berkshire among the top six shareholders in the firm. Buffett is the chairman and largest shareholder in Berkshire Hathaway Inc. and is the world’s fourth-richest person with a net worth of $74.5 billion.
Warren Edward Buffett, is an American business magnate, investor, and philanthropist. He is considered to be one of the most successful investors in the world, and as of March 2017 is the second wealthiest person in the United States, and the fourth wealthiest in the world, with a total net worth of $73.3 billion. Buffett has been the chairman and largest shareholder of Berkshire Hathaway since 1970. Buffett is a notable philanthropist, having pledged to give away 99 percent to his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation.