$441m purchase brings company Christmas spending to almost $5bn
US Insurance colossus, Berkshire Hathaway has made its second acquisition this week with the puchase of the NRG NV reinsurance unit of ING Group NV for $441 million.
ING, the Dutch financial services company, said it was selling its Dutch reinsurance business in order to focus on its own insurance, banking and asset management businesses.
ING said it expected the sale to result in a $147 million post-tax loss in 2007. The proceeds will be used to fund operations, previously announced acquisitions and a 5bn Euro share buyback program.
The news follows the announcement on Tuesday by Berkshire Hathaway's that it had paid $4.5 billion for a 60 per cent stake in manufacturing and services group, Marmon Holdings.
Berkshire Hathaway, which currently owns over 70 businesses, plans to buy the rest of Marmon by 2014.
The NRG deal is subject to regulatory approval, but is expected to conclude in the first half of 2008.
