Warren Buffett's Berkshire Hathaway Inc. has completed its $9 billion purchase of specialty chemical maker Lubrizol Corp.
The deal, announced in March, crossed its last hurdle _ approval by Chinese regulators _ on Wednesday.
The transaction became controversial after it was revealed that former Berkshire executive David Sokol had bought nearly 100,000 Lubrizol shares for about $100 apiece in early January, when he knew Lubrizol's board had been discussing a possible Berkshire acquisition.
Buffett has called Sokol's actions unethical and inexcusable. Sokol, believed to have been in line to succeed Buffett as CEO, wound up resigning after disclosing his trades to Berkshire.
Berkshire later said Sokol violated the company's insider trading and ethics policies. He has denied any wrongdoing.
Lubrizol shareholders voted in June to support the sale at $135 per share. Berkshire also will assume about $700 million in Lubrizol debt.
Lubrizol will join roughly 80 other Berkshire subsidiaries that include insurance, utility, clothing, furniture and manufacturing firms. The company will keep its international headquarters in Wickliffe, Ohio, and is expected to make few changes because Berkshire typically allows the companies it acquires to continue operating much as they did beforehand.
Lubrizol will continue to be led by Chairman, President and CEO James Hambrick.
"We expect to see continued strong performance from the company as it executes its growth strategies," Buffett said in a statement.
The acquisition required Chinese regulators to sign off because Lubrizol has facilities in China and is expanding there.
Lubrizol's shares were flat at $134.99 Friday afternoon.