NU Online News Service, June 27, 2:54 p.m. EDT
Berkshire Hathaway has completed its acquisition of Pasadena, Calif.-based Wesco Financial Corp.
Berkshire Hathaway acquired the remaining 20 percent of stock it did not own to make Wesco a full subsidiary. It announced finalization of the transaction on late Friday.
Wesco's business includes insurance, furniture rental (CORT Business Services Corp.) and steel services (Precision Steel Warehouse Inc.).
The Wesco insurance business consists of Wesco-Financial Insurance Co., which deals in the property and casualty insurance business, and The Kansas Bankers Surety Co. that provides specialized insurance coverage for banks.
The company also owns a real estate management company in California, MS Property Company.
Berkshire Hathaway, through a subsidiary, Blue Chip Stamps, has held more than 80 percent share of Wesco since 1977.
Under the merger agreement, Wesco shareholders received either cash or shares in Berkshire Hathaway.
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