Legendary investor Warren Buffett is preparing to buy companies in Europe’s biggest and most reliable economy after purchasing a German motorcycle parts maker this month.
Buffett said in an interview published Wednesday in the newspaper Handelsblatt that his Berkshire Hathaway holding company is eyeing companies in Germany because of the size of its economy and its regulatory framework.
“Germany is a terrific market, lots of people, lots of buying power, productive, it’s got a legal system we feel very good with, it’s got a regulatory system we feel very good with, it’s got people we feel very good with—and customers,” Buffett said.
Berkshire Hathaway acquired family-owned motorcycle apparel and accessories retailer Detlev Louis Motorrad-Vertriebs in February and is looking to expand its footprint in Germany. Berkshire Hathaway purchased the company for a little more than 400 million euros ($456 million), Reuters reports.
Buffett said he was ready to pay cash for good German companies, despite the weakness of the euro currency, which has dropped more than 15% against the dollar over the past year.