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The bankers explain that the spun off company will flourish because its management will be more entrepreneurial, having been freed from the smothering bureaucracy of the parent company. (So much for that talented CEO we met earlier.)If the divesting company later wishes to reacquire the spun off operation, it presumably would again be urged by its bankers to pay a hefty "control" premium for the privilege. (Mental "flexibility" of this sort by the banking fraternity has prompted the saying that fees too often lead to transactions rather than transactions leading to fees.) It's possible, of course, that someday a spin off or sale at Berkshire would be required by regulators.

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