It's Buffett the LAN hire player...
Published: 8 July 2002 15:00 GMT
Billionaire Warren Buffett has joined a group of investors eager to throw a $500m lifeline to struggling network operator Level 3 Communications.
Buffett's investment venture Berkshire Hathaway has agreed with Longleaf Partners Funding and Legg Mason to buy a nine per cent convertible bond due in 2012 even though Level 3's share price has dropped 42 per cent this year.
In a statement, Buffett justified the investment by claiming the company is well equipped to seize important opportunities to develop its business.
Longleaf will invest $300m, while Berkshire Hathaway and Legg Mason will invest $100m each.
Level 3chairman Walter Scott Jnr is also a director of Buffett's Berkshire Hathaway.
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