Warren Buffett is always on the hunt for “elephants,” as he calls large acquisitions. But three years have passed since he bagged a new one.
One reason: The Omaha, Nebraska, billionaire faces unprecedented competition from private equity and other funds looking to make fast acquisitions, often at higher prices than Buffett is willing to pay. His last major deal, the $32bn purchase of aerospace manufacturer Precision Castparts, closed in January 2016.
