Berkshire Hathaway Inc. agreed to buy the Duracell battery business from Procter & Gamble Co. in a stock swap as Chairman Warren Buffett narrows his company’s equity portfolio and extends a bet on operating businesses.

Berkshire will turn over $4.7 billion of P&G shares held by Buffett’s Omaha, Nebraska-based company, according to a statement today. Duracell will have about $1.7 billion in cash when the deal is completed, which is expected in the second half of next year, according to the statement.

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