06/21/05 Buffett says buyout is the right fit

The chairman of Berkshire Hathaway Warren Buffett says an agreement to buy PacifiCorp from Scottish Power is the right fit and it's a long term acquisition. Buffett was in Boise yesterday talking about MidAmerican Energy's 9.4 billion dollar buyout agreement of PacifiCorp. But what will it mean for those customers in eastern Idaho now served by PacifiCorp through Utah Power? BUFFETT-"In Wall Street these days the term exit strategy is popular. We don't have an exit strategy we have an entrance strategy which is to get into business with people we like and stay there forever. So the residents of Idaho will know, A, they've got an owner that's looking to put money into the business intelligently rather than take it out and that's the only owner that they're going to see. That we're not dependent on money coming out of the business. We can do whatever makes sense for the people of Idaho and the business. Over time there will be significant growth in the six states in which PacifiCorp operates and I think that growth means added investment, it means more usage and that's fine with us. We're looking for that." It will probably be the first quarter of next year before the acquisition is complete and the required state and federal approvals have been secured. Today's Idaho Ag News