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 [新闻]Buffet is buying Goldman Sachs? |
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spiderman
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头衔: 海归少将
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加入时间: 2004/10/25
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作者：spiderman 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
While Washington debates how to bail out America's troubled financial industry, two of the sectors' brightest lights announced a deal that serves both well: Warren Buffett's Berkshire Hathaway is investing $5 billion in Goldman Sachs.
Late Tuesday, Goldman Sachs (nyse: GS - news - people ) announced the infusion, along with a planned sale of at least $2.5 billion in common stock. In normal times, the announcement of a share sale might be expected to depress a company's stock price, but the after-hours effect was the opposite and Goldman shares jumped 13.8%, or $16.74, to $136.
The shares had dipped below $90 last week as growing fears about the state of the financial system had investors fleeing Goldman and rival Morgan Stanley (nyse: MS - news - people ), the last two big securities firms left standing on Wall Street. Over the weekend, both opted to convert themselves to commercial banks, giving themselves full access to the Federal Reserve's lending facilities and perceived shelter from the financial storm. ( See "Say Goodbye To The Investment Banks.")
Goldman has remained profitable throughout subprime mortgage crisis that laid low competitors such as Bear Stearns and Lehman Brothers Holdings (nyse: LEH - news - people ). Its ability to raise cash from Buffett, the world's richest investor and one of the market's savviest value players, as well as the idea that it can tap the public market for additional funds, underlines the firm's strength relative to the rest of its industry.
Still, Buffett's imprimatur comes at a price. The perpetual preferred shares he is buying carry a hefty 10% dividend, a pretty penny in a market where long-term Treasury bonds yield less than 4% and financial firms have been failing or running into the arms of deep-pockets acquirers. (See "Shrewd Buy For BofA.")
Goldman can buy the preferred stock back for a 10% premium, but Berkshire is getting warrants to buy $5 billion of common shares for $115 each, which would be an 18.3% profit at the current price. Goldman shares peaked last year above $235, so if it can regain its former luster, Buffett is getting a bargain and then some.
Berkshire Hathaway (nyse: BRK - news - people ), which has significant insurance operations, was said to be looking at American International Group (nyse: AIG - news - people ) last week, ahead of that company's federal bailout. But so far, the firm--which had $31.1 billion of cash on its balance sheet at the end of June--has made just one big bargain buy amid the market turmoil, agreeing to acquire Constellation Energy (nyse: CEG - news - people ) for $4.7 billion. That utility had suffered from accounting problems and a trading relationship with Lehman. (See "Buffett Pockets Constellation.")
Buffett, whose Berkshire Hathaway conglomerate spans the finance and industrial sectors, has been involved with Wall Street before, bailing out Salomon Brothers after that firm ran into trouble for improperly bidding for U.S. Treasury bonds.
作者：spiderman 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [新闻]Buffet is buying Goldman Sachs? -- spiderman - (3054 Byte) 2008-9-24 周三, 10:32 (1221 reads)
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