P.M. BRIEFING : Stake in Gillette Boosts Stock
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BOSTON — Gillette Co. stock climbed 62.5 cents a share in early trading today on news that Berkshire Hathaway Inc. had bought a $600-million stake in the company--a purchase analysts saw as an anti-takeover effort.
Berkshire Hathaway bought $600 million in bonds yielding 8.75% that in two years are convertible to common stock equal to 11% of the company’s outstanding shares.
The investment makes Gillette, which has been the target of several takeover attempts in the past few years, less vulnerable to an unfriendly buyer, analysts said.
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