Warren Buffett's company said it will offer to buy the roughly 1.4 million shares it doesn't already own of its subsidiary Wesco Financial Corp., and the news sent Wesco's stock soaring 12 percent. Berkshire Hathaway Inc. says it will offer a combination of cash and Class B Berkshire stock to acquire the remaining 19.9 percent of the Pasadena, Calif., company led by Buffett's partner and Berkshire's vice chairman, Charlie Munger. The deal would be worth roughly $500 million based on Wesco's value at the end of the second quarter. Wesco is a conglomerate that owns insurance businesses and an eclectic mix of operating companies, much like Berkshire Hathaway, but Wesco is smaller and less diverse. Berkshire said in a filing with the Securities and Exchange Commission it will discuss the deal with Wesco's independent directors. Terms were not disclosed, but Berkshire said it would be willing to pay an amount equal to the book value of Wesco's stock. Wesco officials estimated that the company was worth $352.66 per share at the end of June, down from $358 per share at the end of last year but up from roughly $334 per share at the end of 2008.

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