Warren Buffett made late-2012 bid for NYSE Euronext: sources

Mon Jan 28, 2013 11:16pm IST

Berkshire Hathaway Chairman Warren Buffett drives by the Borsheim's jewellery store which is hosting a reception for BH shareholders at the Berkshire-owned store in Omaha, Nebraska April 29, 2011. REUTERS/Rick Wilking

Berkshire Hathaway Chairman Warren Buffett drives by the Borsheim's jewellery store which is hosting a reception for BH shareholders at the Berkshire-owned store in Omaha, Nebraska April 29, 2011.

Credit: Reuters/Rick Wilking

Stocks

   

(Reuters) - Warren Buffett made a bid to acquire New York Stock Exchange operator NYSE Euronext NYX.N last November, but his offer was less than one already on the table from IntercontinentalExchange Inc (ICE.N), two people familiar with the matter said.

The sources, speaking on condition of anonymity because they were not authorized to discuss the matter publicly, said Buffett's conglomerate Berkshire Hathaway (BRKa.N) was the "Company A" bidder disclosed in a regulatory filing by ICE on Monday.

Buffett's assistant could not immediately comment on the report. NYSE Euronext declined to comment. The news was first reported by CNBC's David Faber.

ICE agreed to buy NYSE Euronext late last month for $8.2 billion following about two months of talks.

Before the deal closed, NYSE's board of directors instructed the company's bankers to pursue alternatives, according to the ICE filing with the U.S. Securities and Exchange Commission.

Bankers from Perella Weinberg approached "Company A" on November 25, the filing said. On November 28, "Company A" presented an offer that was less than the ICE bid and was conditioned on the sale of NYSE Euronext's European derivatives business for a minimum price.

At a NYSE board meeting December 12 and 13, Perella Weinberg indicated that it was still working with "Company A" but that the bidder had not improved the offer. There was no further mention of the unnamed bidder in the filing.

Had Berkshire done the deal, it would have been somewhat small by Buffett's standards. He spent much of 2012 trying to do deals in the $20 billion range, and even said at one point that he might have to look at doing a $30 billion deal this year.

(Reporting by John McCrank in New York; Writing by Ben Berkowitz; Editing by John Wallace)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
Sensex surges nearly 400 points on energy reform, state elections

Sensex surges nearly 300 points on energy reforms, state elections

The BSE Sensex surges nearly 300 points and the Nifty gains 90 points after the government's energy reforms lead to a rally in energy firms, while wins by Prime Minister Narendra Modi's party in two state elections raise expectations for additional reforms.  Full Article 

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

Asian Markets

Asian Markets

Japanese stocks lead sharp Asia rebound as U.S. data reassures   Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Gold Lower

Gold Lower

Gold eases as dollar, equities recover on strong U.S. data  Full Article 

Health Check

Health Check

Credibility meets compromise in Europe's bank stress test.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage