Warren Buffet's 2009 Shareholder Letter

Would anyone help me understand the example on Page 16 in the letter (published over the weekend and downloadable from the Berkshire website) regarding takeover of Company B by Company A? How come shareholders of B ends up owning 55.6% of A & B’s combined assets and A’s shareholders will own 44.4%? Thank you very much in advance.

80+100=180 80/180 = 44.4% 100/180 = 55.6%

Nice letter as always by Mr. Buffet. His comments on financial institution CEOs not understanding the risk their companies are taking on, overseeing their collapse and then walking away very rich men (and occasionally women) are spot on. I also liked his M&A discussion mentioned above - particularly his real life example of a bank paying over the odds for a smaller peer just for the hell of it. BYD has had a great run since he bought in too. Anyone ever go to a Bershire Hathaway AGM as a matter of interest?

Thank you, ahhhrn, for answering my question. Didn’t realize it was that simple.