Warren Buffett said he was “salivating” at the thought of spending some of Berkshire Hathaway’s $40bn of cash on a big acquisition as he revealed that two $20bn deals had fallen through this year over price.
The billionaire investor told CNBC he was unwilling to compete with other bidders in his pursuit of companies to add to the candy-to-cargo-train conglomerate he controls.
Mr Buffett rarely sells a company absorbed by Berkshire, which has a $217bn market value, and prefers to negotiate directly rather than participate in an auction that might drive up a company’s price.
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