February 29, 2016
Cadwalader, Wickersham & Taft LLP, a leading law firm to global corporations and financial institutions, represented The Procter & Gamble Company on the tax aspects of the tax-free transfer of its Duracell business to Berkshire Hathaway.
The split-off transaction involved P&G exchanging a recapitalized Duracell Company for Berkshire Hathaway’s 52.8 million shares of P&G stock.
The transaction was announced in November, 2014.
The Cadwalader team was led by Tax Group Chair Linda Swartz, who has served as tax counsel to P&G since 2005 on transactions including the pending tax-free distribution and immediate acquisition of 43 beauty brands by Coty Inc., the sale of its Pringles business to Kellogg Co., the tax-free distribution and immediate acquisition of its Folgers Coffee business by the J.M. Smucker Company, and the tax-free acquisition of The Gillette Company, and included partner Richard Nugent, special counsel Edward Wei and associate Matthew Watrous.