Warren Buffett on Saturday said Berkshire Hathaway Inc (BRKa.N) (BRKb.N) would team up again with 3G Capital on more transactions, perhaps very large ones, despite criticism of the Brazilian firm's slashing of too many jobs at HJ Heinz & Co.
"I think 3G does a magnificent job of running businesses," Buffett said at Berkshire's annual meeting. "We're very likely to partner with them, perhaps on some things that are very large."
Berkshire contributed $12 billion toward the more than $23 billion purchase of Heinz, but gave 3G day-to-day control of operations. Some critics have said 3G's cuts do not reflect Berkshire's typical values toward people who work at companies it acquires.
"We have not enforced, or attempted to enforce, nor do we wish to enforce, a strong discipline in every subsidiary as to whether they have a few too many people or not," Buffett said. "A great many don't."
(Reporting By Jennifer Ablan; Editing by Bernard Orr)
Trending On Reuters
Activist hackers from the Anonymous collective have claimed responsibility for bringing down five government websites in Iceland in a protest against whale-hunting by the North Atlantic nation. Full Article