Warren Buffet, the legendary billionaire and head of conglomerate holding company Berkshire Hathaway, is looking to make Germany his latest cash cow, citing the country’s booming economy and favorable regulatory framework as great incentives.
Earlier this month, Buffett purchased Detlev Louis Motorrad-Vertriebs, a family-owned motorcycle apparel and accessory shop based in Hamburg, for 400 million euros ($456 million) and wants to expand even further into Germany.
Buffett told the German newspaper Handelsblatt that his recent acquisition is only the beginning and that “Germany is a terrific market, lots of people, lots of buying power, productive, it’s got a legal system we feel very good with, it’s got a regulatory system we feel very good with, it’s got people we feel very good with—and customers”.
The weaker euro works in Buffett’s favor, but he told the paper that “the euro’s exchange rate is not our primary motivation. We simply want to own more good companies in Germany.”
Which companies he has his sights on next is unknown, although there have been rumors of candy maker Haribo capturing Buffett’s interest.
Sources: Handelsblatt, TIME, Reuters
Photo: Fortune Live Media [Flickr]
