Berkshire Hathaway to Buy Reinsurer Alleghany for $11.6 Billion

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Warren Buffett’s Berkshire Hathaway agreed to buy Alleghany shares for $848.02 a share in cash, or a total equity value of about $11.6 billion.

The deal represents a 29% premium to Alleghany’s average stock price over the last 30 days, the companies said in a statement.

Shares of Alleghany, the property-and-casualty reinsurance company, rose…