Warren Buffett swapped shares for cocoa beans in a weird 1950s deal. Billionaire Thomas Pritzker just told his father's side of the story.
bought Marmon, the Pritzker family's industrial holding company. Berkshire purchased a majority stake in 2007 for $4.8 billion - then its biggest-ever cash purchase - and raised its ownership to 100% by the end of 2013.
Thomas Pritzker touched on his father and uncle's rationale for selling to Buffett during the recent Hyatt meeting, according to a transcript provided by AlphaSense/Sentieo. "The reason we did it with Warren is our colleagues were very important to us, and we wanted it to land in a home that was as similar to us as we could possibly find," he said."So we didn't hold an auction. We didn't go through a normal process. We went directly to Warren. And basically, he made a decision in two and a half hours."
Buffett probably signed off on the deal so quickly because he was confident in Marmon's management, and trusted the Pritzker family had built a high-quality operation, Thomas Pritzker said. "Warren has watched us and we have watched Warren for many, many decades and have very similar views of life," he continued. The executive added that he hasn't spoken to Buffett about Hyatt, but he doubts the Berkshire chief is a fan of the asset-heavy hotel business.
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