By Jamie McGee <\/p>\n
Feb. 17 (Bloomberg) — Warren Buffett, who bought a Texas- based railroad last week in his biggest takeover, ended the tradition of hosting an event for non-U.S. investors at the annual shareholders weekend of his Berkshire Hathaway Inc.<\/p>\n
Buffett used the session in prior years to scout for acquisitions outside the U.S. He said after the 2007 meeting that he asked investors from South Africa to call him collect with ideas. He said in a 2009 interview, after prices dropped for U.S. assets, that more buying opportunities became available in his home country, and in November he struck the deal to buy Burlington Northern Santa Fe Corp. for about $27 billion.<\/p>\n
Buffett, 79, will again field shareholders questions at Omaha, Nebraska\u2019s Qwest Center arena for more than five hours on May 1. Last year\u2019s meeting attracted a record 35,000 people, and shareholders asked questions through journalists who were instructed by Buffett to pick the most challenging issues. There will also be a company movie and barbecue for investors.<\/p>\n
\u201cRegrettably the International Shareholders Meet & Greet Reception is being discontinued due to escalating attendance and time constraints,\u201d Omaha-based Berkshire said yesterday in an agenda for the May 1 events posted on its Web site.<\/p>\n
Buffett has held the event for investors from outside the U.S. and Canada since at least 2004. Buffett said in a letter that year that he and Vice Chairman Charles Munger would meet separately with international shareholders.<\/p>\n
\u201cEvery year our meeting draws many people from around the globe,\u201d Buffett wrote. \u201cCharlie and I want to be sure we personally meet those who have come so far.\u201d<\/p>\n
\u2018Outgrown Its Original Purpose\u2019<\/p>\n
When Buffett started the international meeting, the non- U.S. investor group was smaller, said Jeff Matthews, the author of \u201cPilgrimage to Warren Buffett\u2019s Omaha\u201d and founder of the hedge fund Ram Partners LP. \u201cNow the amount of people who come from around the world is vast,\u201d Matthews said. \u201cIt\u2019s gotten to the point where it\u2019s sort of outgrown its original purpose.\u201d<\/p>\n
The 2008 reception included more than 700 international investors, according to the annual report for that year. Shareholders from 43 countries applied for passes to last year\u2019s meeting.<\/p>\n
Buffett visited Europe in May 2008 to look for acquisition targets in a tour organized by Angelo Moratti, vice chairman of Milan-based Saras SpA, and Eitan Wertheimer, president of Israel-based Iscar Metalworking Cos., which was acquired by Berkshire in 2006 in Buffett\u2019s first non-U.S. acquisition. He met with owners of European businesses and said there were \u201cdozens\u201d of companies in Italy that may be candidates to join Berkshire.<\/p>\n
Buffett didn\u2019t return a message left with his assistant, Carrie Kizer.<\/p>\n
–Editors: Dan Kraut, Dan Reichl<\/p>\n
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