P&G Completes Exchange of Duracell to Berkshire Hathaway

CINCINNATI–(BUSINESS WIRE)–Procter & Gamble (NYSE:PG) has announced the completion of the transfer
of its Duracell business to Berkshire Hathaway.

P&G said the split transaction involved P&G contributing approximately
$1.8 billion in cash to the Duracell Company in a pre-transaction
recapitalization in exchange for Berkshire Hathaway’s 52 Million shares
of P&G stock.

P&G President and Chief Executive Officer, David Taylor, commented:
“Duracell is a strong, global business with a great future ahead of it
as part of the Berkshire Hathaway family. We thank Duracell’s employees
for their many contributions to P&G and wish them continued success for
the future.”

The deal with Berkshire Hathaway was announced in November 2014.

Duracell was acquired by P&G in 2005 as part of the acquisition of The
Gillette Company.

Goldman Sachs & Co. acted as financial advisor, Cadwalader, Wickersham &
Taft LLP acted as tax counsel, and Jones Day acted as legal counsel to

About Procter & Gamble

P&G serves consumers around the world with one of the strongest
portfolios of trusted, quality, leadership brands, including Always®,
Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®,
Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®,
Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G
community includes operations in approximately 70 countries worldwide.
Please visit http://www.pg.com
for the latest news and information about P&G and its brands.


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