Berkshire Hathaway

:

Lubrizol

Dealogic Deal #  :

735337

Data as of :

3/14/2011

Target

Acquiror

Dates & Values

Lubrizol

Berkshire Hathaway

Target:

100

% stake

Buying:

100

% stake

Rumored

-

Deal Value $m

9,718.0

NY

LZ

64

m shares outstanding

Public (Listed)

Announced

14th Mar 2011

Value ex Debt $m

9,018.0

United States

United States

Chemicals

Insurance

Expected

3Q 2011

Consideration

Citigroup | Advisor

Munger Tolles & Olson | Attorney

Completed

-

Evercore Partners | Advisor

Jones Day | Attorney

Withdrawn

-

Termination Fee, Target $m

tbd

Termination Fee, Acquiror $m

tbd

Financials

31st Dec 2010

Balance Sheet

Debt/Equity:

1.3

Timeline Events

Premiums & Multiples

Initial Offer

$135.00

Current Offer

$135.00

Income Statement

Cash Flows

Operations $m

689

Profitability

Profit Margin

19%

Return on Equity

33%

League Table Impact

Sector Trend

2011 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Chemicals

1

JPMorgan

163.5

2

Goldman Sachs

144.5

3

Morgan Stanley

106.7

4

BOA Merrill Lynch

106.0

5

Credit Suisse

96.6

6

Barclays Capital

96.0

7

Citi

86.7

8

UBS

76.6

9

Lazard

69.1

10

Deutsche Bank

67.6

21

Evercore

15.5

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