Kraft's stock jumped 6.89% to close at $31.33, and GlaxoSmithKline had a 2.01% bump to close at $44.19. Warren Buffet's Berkshire Hathaway Inc. became the largest shareholder in Kraft Foods with an 8.6% stake and purchased 1.51 million shares in Glaxo, according to a Thursday Security and Exchange Commission filing.
Too bad Buffett did not have his hands in the rest of the market, as it could have used the billionaire's Friday boost. The Dow finished the week on a weak note with a 28.77 point decline to close at 12,348.21. The week that began with a rally ended with a fizzle as disappointing manufacturing, consumer confidence and import price reports served to remind investors that we are mired in a struggling economy.
However, not all was bearish. Clear Channel Communications Inc. was a shining performer among stocks involved in pending deals, climbing 7.37% to close at $32.35. Following the Department of Justice's antitrust clearance of the $19.5 billion, or $39.20 per share, buyout of Clear Channel by Bain Capital LLC and Thomas H. Lee Partners LP, the debt marketing period for the deal could begin Friday.
Amis Holdings Inc. did not escape the broader market decline, sliding 5.32% to close at $6.58 per share. The company is the target of a pending acquisition by ON Semiconductor Corp. ON Semi will issue 1.15 of its own shares for every Amis share. Based on Friday's ON closing, that works out to about $6.64 per share. - Michael Rudnick
