Duracell

Berkshire acquired Duracell from Procter & Gamble in a tax-efficient stock exchange transaction in 2016. Duracell 鈥?the leading US battery brand 鈥?fits the franchise model: high brand recognition, consistent repurchase cycle, and modest capital requirements. The transaction structure (exchanging P&G shares for the business) was a creative tax optimization that Buffett highlighted in his letter.