It may not be the "elephant-sized" deal that Warren Buffett has long promised, but Berkshire Hathaway is making its biggest acquisition in years: it's buying insurer Alleghany for $15.67 billion in cash.Buffett, the "Oracle of Omaha," has been saying for years that he wants to make a huge purchase — but that companies were too expensive. As a result, Berkshire Hathaway has nearly $198 billion in cash on its balance sheet.With Monday's announcement, however, Buffett clearly must have felt that buying Alleghany was a big deal. The acquisition expands Berkshire's already sizable portfolio of insurance companies, which includes Geico, General Re and several others.
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