Buffett's Berkshire nears deal for Precision Castparts

Warren Buffett, the world's third-richest person, lost $11.3 billion as Berkshire Hathaway Inc. had its first negative annual return since 2011.

NEW YORK: Warren Buffett's Berkshire Hathaway Inc is nearing an agreement to buy Precision Castparts Corp, in what could be the company's largest purchase ever, according to a person familiar with the matter.

The purchase of Precision Castparts, which makes aircraft components and energy-production equipment, could be announced as soon as next week and cost more than $30 billion, assuming typical premiums for mergers, according to the Wall Street Journal, which first reported the news. Precision Castparts' market value was $26.7 billion on Friday.