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Thursday 28 August 2014

Warren Buffett: willing to partner with 3G again on 'very large' deals

Published 03/05/2014 | 17:00

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Berkshire Hathaway CEO Warren Buffett throws a newspaper during a competition at a trade show, at the company's annual meeting in Omaha, Nebraska May 3, 2014.  REUTERS/Rick Wilking
Berkshire Hathaway CEO Warren Buffett throws a newspaper during a competition at a trade show, at the company's annual meeting in Omaha, REUTERS/Rick Wilking

Warren Buffett tpdau said Berkshire Hathaway Inc (BRKa.N) (BRKb.N) would team up again with 3G Capital on more transactions, perhaps very large ones, despite criticism of the Brazilian firm's slashing of too many jobs at HJ Heinz & Co.

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"I think 3G does a magnificent job of running businesses," Buffett said at Berkshire's annual meeting. "We're very likely to partner with them, perhaps on some things that are very large."

Berkshire contributed $12bn toward the more than $23bn purchase of Heinz, but gave 3G day-to-day control of operations. Some critics have said 3G's cuts do not reflect Berkshire's typical values toward people who work at companies it acquires.

"We have not enforced, or attempted to enforce, nor do we wish to enforce, a strong discipline in every subsidiary as to whether they have a few too many people or not," Buffett said. "A great many don't."

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