Buffett Hints at Targets for His Global Buying Spree (Update1)
By Josh P. Hamilton and Erik Holm
May 4 (Bloomberg) -- Billionaire Warren Buffett, whose Berkshire Hathaway Inc. is hunting for takeovers outside the U.S., said a subsidiary is ``probably close'' to a U.K. purchase.
Buffett, speaking at a press conference today in Omaha, Nebraska, didn't name the target, describing it only as a ``mid- size'' company. He added that Berkshire will look at insurance units being sold by Royal Bank of Scotland Group Plc, the U.K. lender reeling from asset writedowns.
Asian currencies will rise in value against the dollar and the euro, which may influence decisions about acquisitions in China and Taiwan, he said. Currency controls may have curtailed the appreciation, Buffett said, adding, ``you can't hold back the tide forever.'' Berkshire missed some opportunities to invest in India, he said.
``Scapegoating'' China for economic ills in other nations is a mistake, Buffett said.
``Getting paranoid about the Chinese is crazy,'' Buffett said, adding he expects more of it in the future.