×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Frankfurt — Lanxess soared in Frankfurt trading after Warren Buffett’s General Reinsurance unit bought a 3% stake, placing the US investor among the top six shareholders of the German chemicals company. The stock rose as much as 6.8%, erasing an earlier decline, after the stakeholding was disclosed in a statement to the stock exchange on Monday. Buffett, who as chairperson and largest shareholder in Berkshire Hathaway is the world’s fourth-richest person with a net worth of $74.5bn, purchased the shares on May 19. Lanxess stock, which was also trading ex-dividend, gained 6% to €66.30 as of 2.34pm in Frankfurt, a one-year high. Lanxess CEO Matthias Zachert is transforming the Cologne-based company into one of the biggest makers of additives for lubricants and flame retardants following the $2.4bn purchase last year of Chemtura and after putting the company’s rubber operations into a joint venture with Saudi Aramco. Before the Buffett stake was announced, the shares had fallen 8% sinc...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.